Ceragon Networks Stock Slides After Q3 Results; Eyes 'High-End' Of FY21 Revenue Outlook - Ceragon Networks (NASDAQ:CRNT)

Ceragon Networks Ltd CRNT reported third-quarter FY21 revenue growth of 7.8% year-on-year to $76.1 million, beating the consensus of $73.3 million.
Operating income was $2.9 million versus $3.4 million last year.
The gross margin contracted 250 bps to 30.9%.
Non-GAAP EPS of $0.02 was down from $0.03 Y/Y.
The company held $27.2 million in cash and equivalents. It used $0.67 million in cash from operating activities.
Ceragon said it had strong bookings in North America, India, and Europe. It accomplished eighteen 5G design wins to date.
Outlook: Ceragon Networks still expects revenue at the higher end of its annual revenue guidance of $275 million - $295 million versus the consensus of $287.6 million.
It expects net income for the second half of 2021, on a non-GAAP basis, to be around break-even, despite global component and shipping challenges.
Price Action: CRNT shares traded lower by 9.69% at $3.178 on the last check Monday.