Arlo to 'Streamline' With 2 Executive Moves, Will Open Cloud Platform to Boost Revenue

Arlo CEO Matt McRae announced plans to extend the SmartCloud platform to partners “beyond our own camera ecosystem,” as the company looks to boost revenue. It also announced Wednesday evening management changes from within the company to “streamline operations” (see personals section). On its Q4 call in February (see 2002260009), the wireless camera maker lowered revenue projections for Q1 by 5-10% to $60 million-$70 million and said it expected a 20-25% hit in Q2 due to component supply shortages related to coronavirus plant shutdowns in China. It reports Q1 earnings May 11. Chief Financial Officer Christine Gorjanc, retiring effective June 15, will be succeeded by Gordon Mattingly, finance vice president. Dennis Aldover was promoted to vice president-engineering, effective May 8, replacing Marcus Apitz who's leaving the company. Aldover will focus on driving recurring revenue with a deeper focus on software and services via Arlo Smart and SmartCloud, said the company. The management change “effectively flattens the organization,” it said, citing efforts to cut operating expenses. Shares closed 6.5% lower Thursday at $2.74.