NETGEAR reported Q4 2021 net revenue of $251.2 million, a decrease of 31.6% from the comparable prior year quarter. Q4 2021 GAAP net loss per diluted share was $0.03, as compared to net income per diluted share of $0.99 in the comparable prior year quarter. Fiscal 2021 net revenue was $1.17 billion, a decrease of 6.9% from the prior year.
Patrick Lo, Chairman and Chief Executive Officer of NETGEAR, commented, “Our team continued to execute through a challenging supply environment to deliver fourth quarter revenue of $251.2 million, and non-GAAP operating margin of 2.7%, both within our guidance. The team delivered Q4 year over year revenue growth of 8.6% for SMB products, which contributed to growth of 27% for the full year, despite significant supply challenges that limited our ability to fully meet continued strong SMB demand. On the CHP side of the business, we successfully completed our efforts to optimize channel inventory in the fourth quarter and we are pleased to share that we saw the U.S. consumer WiFi market remain stable at 15% above 2019 levels.”
Mr. Lo continued, “In the fourth quarter, our CHP business took another step forward in our core long-term strategy of focusing on the premium, higher-margin segments of the market, where we demonstrate highly differentiated technology leadership. Our recently released $1,500 Quadband WiFi 6E Orbi has been met with great reception from both customers and industry experts alike. Additionally, accelerated momentum in Pro AV switching and WiFi 6 cloud managed mesh wireless access points fuels our confidence in the long-term growth potential of the SMB business. We also made progress in building out our paid service offerings in the fourth quarter, as consumers increasingly look to secure their home office environments and intelligently manage their devices. I’m pleased to share that we ended the year at 584,000 paid subscribers. We remain confident that we will reach 750,000 paid subscribers by the end of 2022, as our subscriber base grows in tandem with our increased penetration into the premium segment of the market.”
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