2024-04-09 12:59:39 ET
Summary
- Arlo, the home security camera vendor, has seen its shares soar over 25% this year as investors embrace its services growth story and profitability growth.
- Arlo's market opportunity is still wide, with the smart home security market expected to grow at a 14% CAGR.
- The company's services revenue is growing rapidly, on track to become more prominent than hardware sales. It ended 2023 with more than 2.8 million paid subscribers, adding 1 million y/y.
Amid this year's sharp rally in all things tech, a number of strong performers have come out of left field that have nothing to do with AI. Among these is Arlo ( ARLO ), the home security camera vendor that is maturing from being a pure hardware play to also offering recording and storage features as a service....
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Arlo: Services Momentum Is Driving Meaningful Cash Flow Growth