Ceragon Networks Stock Slides On Q4 Miss - Ceragon Networks (NASDAQ:CRNT)

Ceragon Networks Ltd (NASDAQ: CRNT) reported a fourth-quarter FY22 revenue decline of 3% year-on-year to $75.53 million, missing the consensus of $82.13 million.
Ceragon saw strong bookings in India and North America.
Non-GAAP operating income improved from $1.52 million to $3.16 million.
The non-GAAP gross margin expanded by 410 bps to 33.1%.
Non-GAAP EPS of $0.00 missed the consensus of $0.02.
The company held $22.9 million in cash and equivalents and used $(8.5) million in operating cash flow.
Doron Arazi, CEO, commented: "I'm pleased to share that we had a very good 2022 in terms of the strength of our business, as reflected in our bookings. The second half of the year showed significant improvement in our revenue levels and profitability thanks to our relentless execution of our Growth Strategy and changing supply chain dynamics, which continue heading in the right direction."
FY23 Outlook: Ceragon Networks reiterated FY23 revenue guidance of $325 million - $345 million versus the consensus of $332.82 million.
Price Action: CRNT shares traded lower by 9.8% at $1.96 on the last check Wednesday.