Ceragon Networks Ltd. announced its financial results for the third quarter ended September 30, 2024, reporting revenues of $102.7 million. This represents a 17.7% increase compared to $87.3 million in Q3 2023 and a 6.9% increase from $96.1 million in Q2 2024, driven by strong performance in India and North America.
The company achieved a GAAP net income of $12.2 million, or $0.14 per diluted share, a substantial rise from $3.4 million, or $0.04 per diluted share, in the prior year's third quarter. Non-GAAP net income reached $14.1 million, or $0.16 per diluted share, with a non-GAAP operating profit of $15.8 million.
Ceragon generated over $10 million in free cash flow during the quarter, bolstering its balance sheet with $34.0 million in cash and cash equivalents as of September 30, 2024. Management reiterated its full-year 2024 outlook, narrowing the expected range while maintaining the midpoint, indicating confidence in continued performance.
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