Investors appear to have all but rolled over and accepted a bleak near-term picture for the U.S. economy. Macroeconomic sentiment is even overriding the strong fundamentals still driving some promising growth stocks, including network backhaul solution provider and Motley Fool Hidden Gems pick Ceragon Networks (Nasdaq: CRNT).

In its first-quarter earnings release, Ceragon reported revenue growth of 39%, to $47.2 million. The continued growth stands in stark contrast to many high-tech firms that are missing the mark on guidance as we open a somber 2008. On a GAAP basis, the company earned $4.3 million, though dilution from the recent share offering knocked this amount down to $0.11 per share.

Ceragon cited strength in international demand for its products, particularly in the Asia Pacific region, which accounted for 50% of revenue this quarter. Ceragon's largest customer is the network partnership between Nokia (NYSE: NOK) and Siemens (NYSE: SI) -- aptly named Nokia Siemens Networks -- which accounted for more than 10% of the quarter's revenue. Original equipment manufacturer (OEM) partners like Nokia Siemens are a growing portion of Ceragon's revenue stream,  accounting for 32% of the company's revenue in the quarter.

In the conference call, Ceragon CEO Ira Palti talked about being in the sweet spot of a huge trend toward higher data capacity in wireless networks. Industry reports confirm that the demand for broadband wireless data is literally exploding, with many operators noting a several-fold increase in 2007 of average network data throughput rates, as more consumer and enterprise broadband data options launch.

But there are some sour spots, namely the region of North America, where Ceragon confirmed that demand from both carriers and private networks -- mainly enterprise and government customers -- is softening. On the carrier side, while AT&T (NYSE: T) and Verizon (NYSE: VZ) barrel ahead with broadband wireless options for customers, Sprint Nextel (NYSE: S) and Clearwire (Nasdaq: CLWR) have been slow to build out a massive new WiMAX network.

Fortunately, Ceragon has a diversified customer base that will allow the company to capitalize on growing regions like India, while other markets plug along. I don't expect any big fireworks from Ceragon's numbers for the balance of the year, but the company should hold up well.

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Fool contributor Dave Mock's duck call sounds a lot like a leaky whoopee cushion. Dave owns no shares of companies mentioned here and is the author of The Qualcomm Equation. Sprint Nextel is an Inside Value recommendation. The Fool's disclosure policy is virtually unstoppable when driving the line.