Cambium Networks Corporation
|Company Name||Cambium Networks Corporation|
On October 4, 2023, Cambium Networks issued a press release announcing its preliminary results for the third quarter of 2023. Therein, the Company disclosed that it now “expects revenues of between $40.0-$45.0 million compared to the previous outlook of $62.0-$70.0 million provided on Aug. 1, 2023.” The Company attributed the downward revision to a delay in government defense orders, sluggish revenues in the Point-to-Multi-Point business, a decrease in orders and an increase in stock rotations from distributors in the Enterprise business, and “continued economic headwinds.”
On this news, Cambium Networks’ stock price fell $2.87, or 36.2%, to close at $5.05 per share on October 5, 2023, thereby injuring investors.
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