Stock Alert: Cambium Networks' Stock Up 27% In Premarket On Upbeat Q2 Guidance

(RTTNews) - Shares of Cambium Networks Corp. (CMBM) are rising over 27% in pre-market today, after the company announced that it now sees Q2 revenues and net income above high-end of its previous outlook.

Cambium Networks now expects Q2 GAAP revenues of about $61 million, above the high-end of the previous outlook of $51-$56 million provided on May 12, 2020. Six Wall Street analysts have a consensus revenue estimate of $53.13 million for the quarter.

The increased outlook reflects better-than-anticipated demand for both fixed wireless broadband products and cloud powered enterprise Wi-Fi solutions. The higher demand is primarily due to service providers scaling networks due to requests for increased capacity and better than anticipated field deployments.

Net income for the second quarter is expected to be above the high-end of the previous GAAP and non-GAAP ranges.

The stock has been trading in the range of $3.57 - $11.75 for the past one year, and closed Tuesday's trade at $7.52, down 39 cents or 4.93%. Currently, CMBM is trading at $9.60, up $2.08 or 27.66% in the pre-market session.