WiMAX vendor Alvarion reported lower quarterly earnings and revenue but its results beat expectations.
The company's revenue fell 21 percent to $58.4 million and earnings per share fell to zero compared with a profit of 5 cents a share in 2008. Analysts had expected the company to record a loss of 2 cents per share on revenue of $57.87 million. As such, the company's shares were up 4.5 percent on the news.
"We expect a similar quarter in the fourth quarter, followed by a gradual recovery which is expected to begin during the first half of 2010 based on improving demand, plus our ability to reach revenue recognition milestones on projects already won," Alvarion President and Chief Executive Tzvika Friedman said in a statement. "Catalysts for improving demand may include easing of tight credit conditions, new projects funded under the U.S. broadband stimulus program and WiMAX license auctions in India."
For the fourth quarter, Alvarion said it expects earnings excluding items to be in a range of a loss of 4 cents to a profit of 2 cents. It estimated revenue at between $55 million and $63 million.
- see this Reuters article
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