Harmonic: 2Q Earnings Snapshot
SAN JOSE, Calif. (AP) _ Harmonic Inc. (HLIT) on Monday reported a loss of $2.9 million in its second quarter.
The San Jose, California-based company said it had a loss of 3 cents per share. Earnings, adjusted for stock option expense and amortization costs, were 5 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was breakeven on a per-share basis.
The video services provider posted revenue of $99.2 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $95.5 million.
For the current quarter ending in October, Harmonic expects its results to range from a loss of 5 cents per share to earnings of 3 cents per share.
The company said it expects revenue in the range of $93 million to $103 million for the fiscal third quarter.
Harmonic expects full-year results to range from a loss of 1 cent per share to earnings of 16 cents per share, with revenue ranging from $388 million to $411 million.
In the final minutes of trading on Monday, the company’s shares hit $4.73. A year ago, they were trading at $4.