Cambium Networks Corp CMBM shares are trading higher by 13.6% to $5.74 Friday morning on continued volatility after the company recently announced it expects preliminary third-quarter revenues of between $40-$45 million compared to the previous outlook of $62-$70 million.

What Happened?

Cambium Networks cites delayed government orders, sluggish growth in specific sectors, reduced orders and economic challenges in EMEA as reasons for lowering its outlook. The company has also suspended its full-year 2023 guidance.

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While reported revenues are down, point-of-sale revenues are up, suggesting reduced channel inventories. Net income and earnings per share for third-quarter 2023 are expected to be lower than previous estimates.

Cambium Networks also says the company has about $27 million in cash and a $45 million unused credit line.

According to data from Benzinga Pro, CMBM has a 52-week high of $24.19 and a 52-week low of $6.93.