UTStarcom reports 12.3% decline in revenue for first half of 2024

From GlobeNewswire: 2024-09-05 06:23:00

UTStarcom reported unaudited financial results for the six months ended June 30, 2024, highlighting a mobile transport network expansion order in Europe and broadband core solution expansion in India. They also received maintenance orders in key markets and collected $3.39 million from BSNL in India. The company’s total revenue for 1H 2024 was $5.7 million, down 12.3% from 1H 2023, with a gross profit of $1.7 million. Operating expenses were $5.3 million, resulting in an operating loss of $3.6 million. UTStarcom had cash, cash equivalents, and restricted cash of $56.0 million as of June 30, 2024. The company aims to offer innovative and cost-effective communication services to network operators worldwide. Forward-looking statements and detailed financial statements were also released in the report.



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