Ceragon Networks Ltd. (CRNT) announced preliminary financial results for the first quarter ending March 31, 2013. The company now expects revenues for the first quarter of 2013 to be in the range of $89 million to $91 million, below the company's guidance of $95 million to $105 million. The company stated that its revenues will not reach the low end of its guidance for the first quarter of 2013 because it is taking longer than it expected to close certain deals.
The company stated that it experienced a level of bookings in the first-quarter lower than it would have expected based on seasonal weakness, reflecting operators' cautious approach, despite the need for additional capacity.
For the first quarter, GAAP loss is expected to be in the range of $0.36 to $0.39. Loss on a non-GAAP basis is expected to be in the range of $0.15 to $0.18.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.02 per share on revenues of $101.66 million for the first-quarter. Analysts' estimates typically exclude special items.
"We expect the re-evaluation of some aspects of customers' business models, as well as continued intense budget scrutiny, to cause longer sales cycles to persist, even though Q2 bookings are likely to show some improvement for seasonal reasons," said Ira Palti, President and CEO of Ceragon.
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