Harmonic: 2Q Earnings Snapshot

Associated Press
Updated ·1 min read

SAN JOSE, Calif. (AP) _ Harmonic Inc. (HLIT) on Monday reported a loss of $15.4 million in its second quarter.

The San Jose, California-based company said it had a loss of 16 cents per share. Losses, adjusted for stock option expense and non-recurring costs, came to 6 cents per share.

The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 13 cents per share.

The video services provider posted revenue of $74 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $69.6 million.

For the current quarter ending in October, Harmonic expects its results to range from a loss of 9 cents per share to a loss of 1 cent per share.

The company said it expects revenue in the range of $75 million to $87 million for the fiscal third quarter.

Harmonic expects full-year earnings in the range of 13 cents to 22 cents per share, with revenue ranging from $122 million to $142 million.

Harmonic shares have decreased 28% since the beginning of the year. In the final minutes of trading on Monday, shares hit $5.62, a drop of 24% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HLIT at https://www.zacks.com/ap/HLIT