RBBN - Ribbon Communications trades lower after earnings miss weak guidance
Ribbon Communications (NASDAQ:RBBN) has declined 8% after its Q3 earnings, which missed expectations on the top and bottom lines. Revenue fell over 9% Y/Y to $210M, and gross profit fell 11% to $120.32M. Approximately $9.5M of shipments delayed to 4Q21 and about $3M in expedited shipping and cost increases in 3Q21. McClelland, President and CEO: "We believe these customer wins, along with accelerating investments in fiber networks and 5G technology, position Ribbon for strong growth in 2022 and beyond. While revenues this quarter were impacted by supply chain constraints, we believe our IP Optical product book to revenue ratio of 1.17 times demonstrates growing demand." Cash at quarter's end was $104M, vs. liquidity at June 30 of $115M. For Q4, Ribbon forecasts revenue of $240-260M (consensus: $266.26M) and EPS of $0.13-0.17 (consensus: $0.19). The company says that the "current outlook assumes no worsening of conditions related to the COVID-19 pandemic or supply
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Ribbon Communications trades lower after earnings miss, weak guidance