Netgear posts 49% revenue growth

Netgear, a worldwide provider of technologically advanced, branded networking and storage products, has revealed that net revenue for the first two quarters of 2011, which ended July 3, 2011, grew by 49 per cent, reaching a total value of $291.2 million. The figure shows a key increase from last year’s Q1-Q2 revenue of $195 million and Q1 2011 figure of $278.8 million. The leading company has also reported that the net revenues from the Middle East and North African (MENA) region and the European region has reached $110.331 million in the second quarter of 2011. The increase in revenue was bolstered by the company’s launch of 17 products during the first half of 2011, strongly highlighting Netgear’s efforts to build product momentum. “We believe the third quarter 2011 will present sequential increase in market demand due to back to school for both our retail and commercial business units,” said Richard Jonker, Managing Director for Emerging Markets, Netgear. “The vibrancy of the global IT market continues to fuel our determination to create more strategic and fully reliable networking and storage products for our diverse customer base.” Our vision is to drive in more profit growth and expansion in the coming years, ably positioning ourselves as a major player in the networking and storage industry segments.” From / Gulf News