DZS To Restate Q1 2023 Financial Statements And Updates FY23 Guidance; Lowers FY23 Revenue Outlook From $400M To ~$370M
Portfolio Pulse from Happy Mohamed
DZS (NASDAQ:DZSI) will restate its Q1 2023 financial statements due to timing of revenue recognition for two customer projects, worth approximately $15 million. The company has also lowered its FY23 revenue outlook from $400 million to $370 million.
June 01, 2023 | 12:13 pm
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DZS will restate Q1 2023 financials and has lowered its FY23 revenue outlook from $400 million to $370 million due to revenue recognition timing.
The restatement of Q1 2023 financial statements and the lowering of FY23 revenue outlook are likely to negatively impact DZS's stock price in the short term. Investors may perceive this as a sign of financial instability or uncertainty, leading to a decrease in stock price.
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