Cambium Networks (NASDAQ:CMCM) lost a third of its value in Thursday’s premarket deals after the company downgraded its third-quarter revenue forecast in an afterhours statement,
The wifi and broadband technology company said third-quarter revenue was now expected in a range of $40 million to $45 million, down from $62 million to $70 million.
Wall Street analysts had penciled in a consensus forecast of $64.2 million, prior to the announcement.
It blamed the government for delayed orders as well as a decline in new orders and stock rotation in its enterprise business.
“Cambium expects that its reported revenues will continue to be under pressure until channel inventories return to pre-pandemic levels,” the company said.
In New York, Cambium was down $2.72 or 34.3% changing hands at $5.20.