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.
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(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.)