Ceragon Networks (CRNT), a provider of wireless backhaul solutions, shares fall more than 19% in trading Monday after reporting Q3 2015 adjusted earnings higher than the Street consensus, but revenues came in lower.
Recently, CRNT was down on heavy volume of 880,900 shares. Average daily volume is 265,220 shares.
Net income for the quarter was $1.4 million, or $0.02 per share, compared to a net loss of $5.6 million, or $0.08 loss per share in Q3 2014. On a non-GAAP basis, net income for the quarter was $0.05 per share, compared to a $0.05 loss per share in the prior year period and came in higher than the $0.03 earnings per share Street estimate provided by Capital IQ.
Revenues were $85.4 million, down from $99 million reported for the same period last year and lower than the $92.1 million Street estimate.