Why Harmonic Stock Got Pummeled Today
Shares of Harmonic (NASDAQ: HLIT) have gotten pummeled today, down by 16% as of 12:30 p.m. EDT, after the company reported first-quarter earnings results. The telecommunications infrastructure specialist missed expectations, guided the second quarter below consensus estimates, and withdrew its full-year guidance.
Revenue in the first quarter declined 2% to $78.4 million, missing the $85 million in sales that analysts were modeling for. That translated into an adjusted net loss per share of $0.10, worse than the $0.05 per share in adjusted net loss that Wall Street was expecting. The telecommunications infrastructure company finished the quarter with $71.7 million in cash.
Harmonic serves the video-streaming industry. Image source: Getty Images.
Source Fool.com
