Ceragon Networks Cuts FY22 Guidance Citing Supply Chain Issues

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  • Ceragon Networks Ltd CRNT reported third-quarter FY22 revenue growth of 3.3% year-on-year to $78.6 million, beating the consensus of $78.5 million.
  • Ceragon saw strong bookings in India and North America.
  • Non-GAAP operating income improved from $3.97 million to $6.40 million.
  • The gross margin expanded by 440 bps to 35.3%.
  • Non-GAAP EPS was $0.05.
  • The company held $26 million in cash and equivalents and generated $8.6 million in operating cash flow.
  • Outlook: Ceragon Networks cut its FY22 revenue guidance to $296 million - $304 million, down from $300 million - $315 million below the consensus of $304.6 million.
  • Ceragon Networks reiterated FY23 revenue guidance of $325 million - $345 million versus the consensus of $329.7 million.
  • Price Action: CRNT shares traded higher by 7.50% at $1.88 on the last check Monday.
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