Harmonic stock jumps as results beat, strong outlook issued
Harmonic Inc. (HLIT) shares surged in the extended session Monday after the video-services company topped Wall Street estimates for the quarter and issued a strong outlook for the year. Harmonic shares jumped 17% after hours, following a 0.7% rise in the regular session to close at $5.62. The company reported a second-quarter loss of $15.4 million, or 16 cents a share, compared with a loss of $11.8 million, or 13 cents a share, in the year-ago period. The adjusted loss was 6 cents a share. Revenue declined to $74 million from $84.9 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 13 cents a share on revenue of $69.9 million. Harmonic expects a loss of 9 cents to a penny a share on revenue of $75 million to $87 million in the third quarter, and a loss of 12 cents a share to net income of 5 cents a share on revenue of $349.5 million to $381.5 million for the year. Analysts had forecast a loss of 5 cents a share on revenue of $85 million for the third quarter, and a loss of 23 cents a share on revenue of $337.7 million for the year.
-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 03, 2020 17:27 ET (21:27 GMT)
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