Benzinga | Aug 2, 2021 10:50AM EDT

Ceragon Networks Reports Solid Q2 Aided By Strong Bookings; Sees Strong FY21 Revenue

* Ceragon Networks Ltd (NASDAQ:CRNT) reported second-quarter FY21 revenue growth of 9.9% year-on-year to $68.6 million, beating the analyst consensus of $65.1 million.

* The gross margin expanded 550 bps to 31.9%, primarily from a favorable customer mix.

* Non-GAAP loss per share of $(0.01) beat the analyst consensus for a loss of $(0.04).

* The company held $28.7 million in cash and equivalents. It used $2.96 million in cash from operating activities.

* Ceragon had a strong quarter in terms of bookings, especially in North America, India, and Europe.

* It accomplished sixteen 5G design wins to date. The company said it is participating in more OpenRan trials.

* Outlook: Ceragon Networks expects FY21 revenue on the higher end of its prior view of $275 million - $295 million compared to the analyst consensus of $284.2 million.

* Price action: CRNT shares traded higher by 3.00% at $4.12 on the last check Monday.