Tech stock Ceragon Networks Ltd. (CRNT), today reported results for the first quarter ended March 31, 2016.
First Quarter 2016 Highlights:
Revenues — $59.8 million, down 36% from the first quarter of 2015, and down 21% from the fourth quarter of 2015.
Gross margin – 35.6%, compared to 25.9% in the first quarter of 2015 and 32.8% in the fourth quarter of 2015.
Operating income – $1.2 million, compared to operating income of $0.6 million in the first quarter of 2015 and operating income of $8.9 million in the fourth quarter of 2015.
“In the first quarter of 2016, higher gross margin on the low level of revenue enabled us to report an operating profit,” said Ira Palti, president and CEO of Ceragon. “In addition, strong cash flow results increased our cash position to $41.8 million, which exceeded debt by over $10 million, improving our financial position. Based on our recent bookings and pipeline of potential business, we believe that revenue will grow from the current level during the remainder of the year.”
Today the stock has seen a move up from the opening bell of as much as 43% with volume trending above average.
CRNT reported Q1 (Mar) loss of $0.01 per share, which is $0.01 better than the Capital IQ Consensus of ($0.02);
The tech company is the world’s #1 wireless backhaul specialist. We help operators and other service providers worldwide increase operational efficiency and enhance end customers’ quality of experience with innovative wireless backhaul solutions.