(Sharecast News) - Telecommunications testing company Spirent Communications said on Wednesday that first-quarter revenues were in line with internal expectations but lower year-on-year as market conditions remained "challenging".
Spirent said it has continued to engage closely with its customers and stated expectations for the full year remained unchanged. First quarter revenue was said to be in line with management's plan, though modestly behind the same period last year.
The FTSE 250-listed group also highlighted that recent cost-saving actions had continued to "favourably impact" its performance.
Spirent added that it has continued to build an active pipeline for automation and assurance solutions within the financial services sector, stating that important wins in the period included a competitive benchmarking solution win with a US Tier 1 service provider and an important Open RAN order with a hyperscaler customer.
As of 0915 BST, Spirent shares were down 0.82% at 193.10p.
Reporting by Iain Gilbert at Sharecast.com