Arlo Technologies (NYSE:ARLO) shares rose more than 3% intra-day today following the company’s announcement of Q2 results that exceeded expectations.
Earnings per share (EPS) was $0.06, surpassing the Street estimate of $0.04. The revenue experienced a 3.3% decrease year-over-year, amounting to $115.1 million, compared to the Street estimate of $110.18 million.
The quarter concluded with an Annual Recurring Revenue (ARR) of $193.6 million, showcasing a remarkable growth rate of 66.1% compared to the previous year. Throughout the quarter, the company added 245,000 paid accounts, bringing the cumulative number of paid accounts to approximately 2.3 million, up 54.9% year-over-year.