Harmonic Jumps 25% On Q2 Results

(RTTNews) - Shares of Harmonic Inc. (HLIT) gained over 25% in extended trading hours Monday after the company second quarter results that trumped Wall Street estimates.

For the second quarter, the company reported net loss of $15.4 million or $0.16 per share, wider than last year's loss of $11.8 million or $0.13 per share last year. On an adjusted basis, loss were $0.10 per share, compared to $0.04 per share last year. Analysts polled by Thomson Reuters expected loss of $0.13 per share.

Revenues for the quarter were $74.0 million down from $84.9 million last year. Analysts had a consensus revenue estimate of $69.93 million for the quarter.

CEO Patrick Harshman said, "Our Cable Access revenue and Video SaaS customer base both grew solidly in the quarter, and we strengthened our cash position. Looking ahead, we are capitalizing on this momentum around the world and anticipate delivering a profitable second half of 2020."

Looking forward to the third quarter, the company expects loss of $0.19 to $0.10 per share and revenues of $75 million to $87 million. Analysts currently estimate loss of $0.05 per share and revenues of $85.93 million.

For the fourth quarter, the company expects earnings of $0.07 to $0.17 per share and revenues of $122.0 million to $142.0 million.

For the full year 2020, the company expects loss of $0.50 to $0.31 per share and revenues of $349.5 million to $381.5 million. Analysts currently estimate loss of $0.23 per share on revenues of $339.43 million.

HLIT closed Monday's trading at $5.62, up $0.04 or 0.72%, on the Nasdaq. The stock further gained $1.46 or 25.98% in the after-hours trade.