Business
CERAGON NETWORKS REPORTS 2022 THIRD QUARTER FINANCIAL RESULTS
Q3 2022 Financial Highlights: Revenues of $78.6 millionGross margin of 35.3% on a GAAP basis, or 35.5% on a non-GAAP basis Operating Income of $1.3 million on
About this update from Ceragon Networks Ltd.
[{"type":"text","content":"Q3 2022 Financial Highlights:\nRevenues of $78.6 millionGross margin of 35.3% on a GAAP basis, or 35.5% on a non-GAAP basis Operating Income of $1.3 million on a GAAP basis, or $6.4 million on a non-GAAP basisEPS of $(0.01) per diluted share on a GAAP basis, or $0.05 per diluted share on a non-GAAP basisQ3 2022 Business Highlights: \nRecord quarter in terms of bookings, the highest since the beginning of 2017, mainly from India and North AmericaNorth America: Exceptionally strong quarter in terms of bookings and revenue; large long-standing customer becomes the Company's second customer above 10%. India: Strong bookings; strongest region in terms of revenues; first orders for E-band and vendor agnostic multi band productAPAC: A large multi-year contract signed with a leading Tier 1 Pacific Rim operator, valued at a potential of over $44 million over 3 yearsROSH HA'AIN, Israel, Nov. 7, 2022 /PRNewswire/ -- Ceragon Networks Ltd. (NASDAQ: CRNT) (the \"Company\", \"Ceragon\", \"we\", \"us\", or \"our\"), the global innovator and leading solutions provider of 5G wireless transport, today reported its financial results for the third quarter ended September 30, 2022.\nDoron Arazi, Ceragon's CEO, commented: \"I'm pleased to report that in the third quarter of 2022, we achieved substantial success in key areas of our business, and made progress on our long-term strategy. Our bookings continued to reach record levels, including growing bookings in North America which are expected to yield high margins. Our focus on fulfillment led to growth in our third quarter revenues coupled with high gross margins. We continue to focus on the conversion of our high backlog to fulfill the growing demand from our customers. \nIn parallel, we continue to see 5G network build-out pipelines, with CSPs and private networks both looking for cost-effective technologies for network upgrades and expanded services. Although the macro economy is unstable and risks associated with component shortages still exist, we are more confident with our long-term strategy and continue with its execution to capitalize on the opportunities ahead.\"\nPrimary Third Quarter 2022 Financial Results:\nRevenues were $78.6 million, up 3.3% from $76.1 million in Q3 2021 and up 11.2% from $70.7 million in Q2 2022.\nGross profit was $27.8 million, giving us a gross margin of 35.3%, comp...