Analysts' consensus estimate for Q3 revenues stands at $288.18 million.

The strengthened U.S. dollar had a negative impact on revenue generated outside of the U.S.

The preliminary GAAP operating margin for Q3 was -30.2%, as customers remain focused on reducing inventory levels and managing capital expenses.

In the quarter under review, ADTRAN continued to add new customers in both Europe and the U.S.

However, management believes that customers will manage their inventories conservatively and adjust their capital expenditure budgets in Q4 in response to the changed economic environment.

"Moving forward through the end of this year, we will continue to focus on aligning our operating model to reflect the current environment," said ADTRAN Holdings' Chairman and Chief Executive Officer, Tom Stanton.

Price Action: ADTN shares closed higher by 5.62% at $7.71 on Monday.