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Ceragon cutting 14% of workforce; shares +4.6%

Dec. 15, 2014 1:33 PM ETCeragon Networks Ltd. (CRNT) StockBy: Eric Jhonsa, SA News Editor
  • Ceragon's (NASDAQ:CRNT) job cuts, along with other cost-cutting efforts, are meant to lower the company's quarterly opex to $21M-$22M by Q2 2015 from a current $26M-$27M.
  • Thanks to the cuts, Ceragon is now aiming to become profitable by Q2; the 2015 EPS consensus is right at breakeven. A $10M-$12M Q4 charge is expected.
  • Also: Ceragon says it expects to record $19M in "additional financial expense" in Q4, thanks to a $20M Venezuelan forex charge. The charge is blamed on "continued Venezuelan government policy that limits our customers' ability to pay such receivables in U.S. dollars."

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