Wireless backhaul solutions provider Ceragon Networks Ltd. (Nasdaq: CRNT; TASE:CRNT) has announced it is firing 14% of its work force. This means 155 employees will be laid off worldwide and 46 in Israel.
The latest layoffs come just one year after the company fired 200 worldwide including 60 in Israel.
The company's weak performance in recent years has continued unabated in 2014. In the first nine months of 2014, Ceragon reported a GAAP loss of $24.5 million, and non-GAAP loss of $21.5 million, widening 4.5% from the corresponding period, on $260 million revenue, down 4.5% on the corresponding period of 2013.
Ceragon CEO Ira Palti said, "We are determined to return Ceragon to profitability as quickly as possible and to preserve our financial flexibility."
Published by Globes [online], Israel business news - www.globes-online.com - on December 15, 2014
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