- Ceragon Networks (NASDAQ:CRNT) is now 8.1% lower after it topped expectations with Q2 revenues that still dropped by double digits.
- Revenues fell by 17.4% but rose sequentially; cost of revenues dropped by 22%, however, leading to gross profit that dropped by just 8.3%, to $26.4M.
- Operating income dropped to $4.1M from $6.4M, and amid higher taxes on income, net income dropped to $763,000 on a GAAP basis.
- In non-GAAP results, gross margin came to 36.1%, operating income was $4.8M, and net income was $2.5M.
- Cash and equivalents were $29M at quarter's end, compared to $29.8M as of March 31.
- "Growth in several regions accounted for the sequential increase in revenue during the second quarter, although the overall revenue level continued to reflect the delay in receiving orders from our customers in India," says CEO Ira Palti.
- Earnings call transcript
- Press release