Ceragon Networks Cuts FY22 Guidance Citing Supply Chain Issues

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.