Netgear shares drop on weak outlook

Netgear Inc. shares dropped in the extended session Wednesday after the internet router maker's outlook fell short of Wall Street estimates. Netgear shares fell 6.4% after hours, following a 3.9% decline to close at $59.80 in the regular session. For the second quarter, Netgear estimated revenue of $340 million to $355 million, while analysts polled by FactSet expect revenue of $355.2 million. The company reported first-quarter net income of $5.6 million, or 17 cents a share, compared with $16 million, or 47 cents a share, in the year-ago period. Adjusted earnings were 62 cents a share. Revenue rose to $345 million from $323.7 million in the year-ago period. Analysts had estimated 60 cents a share on revenue of $342.6 million.