Here's Why Harmonic Stock Is Down Today
Shares of Harmonic (NASDAQ: HLIT) were tumbling this morning after the company reported its fourth-quarter and full-year 2021 results late yesterday. While Harmonic's revenue and earnings figures were better than expected, investors weren't happy that earnings fell on a year-over-year basis and that 2022 guidance is below Wall Street's expectations.
The tech stock was down by 13.2% as of 11:45 a.m. ET.
Harmonic, which designs, manufactures, and sells products and systems that enable network operators to deliver broadcast and on-demand video services, reported fourth-quarter non-GAAP (adjusted) earnings per share of $0.16, which beat analysts' consensus estimate of $0.13 per share for the quarter. Additionally, the company's total sales for the quarter of $155.8 million surpassed Wall Street's expectation of $149 million.
Source Fool.com
