Harmonic shares were down more than 11% Tuesday morning, the day after the video and access network tech company missed its Q1 numbers and offered lowered guidance for the current quarter.
Harmonic posted sales of $83.5 million, below Wall Street expectations of $93.2 million, up slightly from $81.8 million in the year-ago quarter. The company, which said Q1 sales were affected by softer-than-expected service provider spending in March, also recorded a GAAP net loss in Q1 of $24 million, or 30 cents per diluted share.
The company also forecasted Q2 sales of $95 million to $103 million, and a loss of between 4 cents to zero cents per share, below consensus estimates of $103.6 million and 2 cents.
For the full story go to Multichannel.com.
(Photo via 401(K) 2012's Flickr. Image taken on Feb. 21, 2017 and used per Creative Commons 2.0 license. The photo was cropped to fit 9x16 aspect ratio.)
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