Published on 3 Nov 2023 on Zacks via Yahoo Finance

Cambium (CMBM) Earnings and Revenues Miss Estimates in Q3

Cambium Networks Corporation CMBM reported soft third-quarter 2023 results, with the top and bottom lines missing the Zacks Consensus Estimate. The leading wireless solutions provider recorded a year-over-year revenue contraction due to a decline in net sales in the Enterprise business, high inventory levels and macroeconomic headwinds.However, total devices under cnMaestro Cloud management software crossed an all-time-high of 1 million, marking 17% year-over-year growth, which is a positive.

Net Income

On a GAAP basis, the company reported a net loss of $26.2 million or a loss of 95 cents per share against a net income of $9.4 million or 34 cents per share a year ago. The downturn was primarily attributable to a significant revenue decline.The non-GAAP net loss was $12.1 million or a loss of 44 cents per share against a net income of $11.3 million or 40 cents per share in the year-ago quarter. The bottom line was wider than the Zacks Consensus Estimate of a loss of 13 cents.