Cambium Networks Corp CMBM shares are trading lower by 36.5% to $5.03 during Thursday's pre-market session after the company announced it expects preliminary third-quarter revenues of between $40-$45 million compared to the previous outlook of $62-$70 million.
Cambium Networks says the cut in outlook is due to delayed government orders, slow growth in certain sectors, reduced orders and economic challenges in EMEA. The company's full-year 2023 guidance is suspended.
See Also: GM's Tech Leadership In Turmoil? CTO Gil Golan Reportedly Exits Role After Just A Month
While reported revenues are down, point-of-sale revenues are up, suggesting reduced channel inventories. Net income and earnings per share for third-quarter 2023 are expected to be lower than previous estimates.
Cambium Networks also says the company has about $27 million in cash and a $45 million unused credit line.
According to data from Benzinga Pro, CMBM has a 52-week high of $24.19 and a 52-week low of $6.93.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
