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Harmonic reports 1Q loss

SAN JOSE, Calif. (AP) _ Harmonic Inc. (HLIT) on Monday reported a loss of $24 million in its first quarter.

On a per-share basis, the San Jose, California-based company said it had a loss of 30 cents. Losses, adjusted for stock option expense and amortization costs, came to 14 cents per share.

The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 5 cents per share.

The video services provider posted revenue of $82.9 million in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $93.4 million.

For the current quarter ending in July, Harmonic said it expects revenue in the range of $94.5 million to $102.5 million.

The company expects a full-year loss of 48 cents to 33 cents per share, with revenue ranging from $398.5 million to $418.5 million.

Harmonic shares have risen 16 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $5.80, a climb of 68 percent in the last 12 months.


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


Keywords: Harmonic, Earnings Report