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May 5, 2021, 5:34 p.m. EDT

Arlo Technologies stock rallies after narrower Q1 loss

Shares of Arlo Technologies Inc. (NYS:ARLO) jumped 10% in the extended session Wednesday after the maker of home security cameras and other equipment reported a narrower-than-expected first-quarter loss and sales topped forecasts. Arlo said it lost $10.7 million, or 13 cents a share, in the quarter, compared with a loss of $15.2 million, or 19 cents a share, in the year-ago quarter. Adjusted for one-time items, Arlo lost 3 cents a share, compared with 8 cents a share a year ago. Sales rose 26% to $82.6 million, Arlo said. Analysts polled by FactSet expected Arlo to report an adjusted loss of 21 cents a share on sales of $76.9 million. "In 2020 we successfully pivoted to become services-focused to create a more predictable, more profitable business and our strong Q1 results are further proof of our progress," Chief Executive Matthew McRae said in a statement. Arlo guided for second-quarter revenue between $80 million and $90 million, and an adjusted per-share loss between 20 cents and 13 cents. Shares of Arlo ended the regular trading day down 0.2%.

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