PARAMUS, N.J. (AP) -- Ceragon Networks Ltd., which makes equipment for wireless networks, is lowering its first-quarter revenue forecast because it is taking longer than expected to close on some deals.
Shares dropped to their lowest point in more than seven years in midday trading on Monday.
"We experienced a level of bookings in the first quarter lower than we would have expected based on seasonal weakness, reflecting operators' cautious approach, despite the need for additional capacity," President and CEO Ira Palti said in a statement.
Ceragon now anticipates quarterly revenue between $89 million and $91 million. Its prior outlook was for revenue in a range of $95 million to $105 million. Analysts polled by FactSet expect revenue of $99.9 million.
The company foresees a first-quarter adjusted loss between 15 cents and 18 cents per share. Wall Street predicts a loss of 1 cent per share.
Ceragon is expected to discuss its first-quarter financial results on May 6.
The company's stock declined 33 cents, or 7.8 percent, to $3.91 in midday trading. Earlier in the session, the shares fell to $3.83, their lowest point since December 2005.