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CommScope Holding Company, now Vistance Networks, reports developments around its transition into a focused network-solutions company after the completed sale of its Connectivity and Cable Solutions segment. News centers on the rebrand, capital-structure actions tied to the divestiture, operating results, and the remaining businesses built around RUCKUS Networks and Access Networks Solutions.
Company updates also cover RUCKUS Wi-Fi, switching, cloud-managed platforms, AI-enabled network management for multi-dwelling units, PRiSM secure-boot signing technology, and fiber architecture training and showcase initiatives for service providers. Financial releases discuss continuing operations, segment measures, debt repayment, share repurchase authorization, and cash distribution decisions.
CommScope (NASDAQ: COMM) has launched HomeVista™, a pre-integrated video solution designed for service providers to expedite the introduction of innovative video services. This portfolio utilizes AndroidTV and RDK technology, enabling service providers to offer personalized streaming and live TV experiences while significantly reducing development costs. HomeVista includes features like customizable apps and an evergreen consumer experience through cloud-based AppCloud. Demonstrations will occur at the SCTE Cable-Tec Expo from September 19-22 in Philadelphia.
CommScope has appointed Steven Bronken as the head of the Global Hospitality team at Ruckus Networks, focusing on enhancing guest experiences through innovative networking solutions. The hospitality sector demands reliable, high-speed connectivity, which Ruckus aims to provide with its hospitality portfolio, emphasizing IoT capabilities. Bronken brings extensive experience from previous roles in hospitality technology. This strategic hire reflects CommScope’s commitment to meeting future hotel property needs and improving their competitive edge in the market.
CommScope reported a 5.3% year-over-year increase in net sales for Q2 2022, totaling $2.300 billion. Core net sales rose 8.5% to $1.876 billion. Notably, the company faced a GAAP net loss of $61 million, though this was a 60.3% improvement from the previous year. Despite challenges from supply chain constraints, CommScope anticipates a stronger second half, backed by a robust backlog. The transformation initiative, CommScope NEXT, aims for a full-year adjusted EBITDA of $1.15 - $1.25 billion.
CommScope has been chosen by Spurs Sports & Entertainment to enhance mobile connectivity at the AT&T Center, home of the San Antonio Spurs. This partnership will implement CommScope's ERA All-Digital DAS and CBRS solutions, providing dedicated 4G, 5G, and private wireless network access. The upgrades promise improved fan engagement through enhanced mobile experiences, low-latency interactions, and operational efficiency. Additionally, the new private network will address critical operational needs, allowing for smart parking and enhanced security.
CommScope, a leader in home networking solutions, is entering the retail Wi-Fi 6E market with two new ARRIS SURFboard products: the THRUSTER Gaming Acceleration Kit (Model W6B) and Wi-Fi 6E Network Upgrade Adapter (Model W6U). These solutions allow customers to upgrade their home networks without needing to replace existing equipment. The THRUSTER kit, priced at $309.99, enhances gaming performance with speeds up to 4.8 Gbps. The W6U adapter, available for $189.99, supports multiple devices and smart home technology. Both products aim to meet the increasing demand for high-speed connectivity in gaming and smart home applications.
CommScope (NASDAQ: COMM) has partnered with Microsoft to launch an integrated private wireless network solution, enhancing industrial manufacturing capabilities. This deployment at CommScope's manufacturing center in Shakopee, Minnesota leverages Microsoft Azure private MEC and CommScope CBRS access points. The solution aims to improve operational efficiency through low-latency applications, enabling real-time data processing, augmented reality training, and mobilized testing equipment. This collaboration signifies a step towards implementing agile factories and enhancing workforce productivity.
CommScope Holding Company (NASDAQ: COMM) will release its Q2 2022 financial results on August 4 before market open. A conference call will follow at 8:30 a.m. Eastern to discuss the results. Shareholders can access the live audio via the Investor Relations website. A replay will be available for a limited time.
CommScope has partnered with Telenor Sverige AB to introduce the VIP5702W set top box, powered by Android TV, to customers in Sweden. This collaboration aims to enhance Telenor's video services with 4K video and dual-band Wi-Fi for better viewing experiences. The launch signifies CommScope's ongoing expansion in the Nordic region, emphasizing their commitment to providing innovative solutions in home networking.
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CommScope’s stockholders approved five proxy proposals at the annual meeting. Directors re-elected include Mary S. Chan and Timothy T. Yates, each serving until the 2023 annual meeting. Ernst & Young LLP was ratified as the independent public accounting firm for the 2022 fiscal year. The stockholders also backed executive compensation on a non-binding advisory basis and approved additional shares under the 2019 Long-Term Incentive Plan. Series A Convertible Preferred Stockholders re-elected Mindy Mackenzie and Patrick R. McCarter as directors.