Revenue at the firm climbed 64% to $148.8 million, comfortably exceeding the average estimate of $129.5 million. This growth follows a period of strategic restructuring for the broadband equipment seller, which finalized the sale of its video-streaming business to MediaKind earlier this June. The company’s net income reached $14.6 million, or 13 cents per share, marking a substantial increase from the $2.7 million, or 2 cents per share, reported during the same period last year.
In section Market Quotes
Harmonic Stock Surges on Strong Third-Quarter Performance
Shares of San Jose-based Harmonic jumped 16% in premarket trading Tuesday after the broadband technology provider reported third-quarter results that decisively outpaced analyst projections. The company posted earnings of 23 cents per share on an adjusted basis, significantly clearing the 17-cent consensus target anticipated by Wall Street.
Looking toward the final quarter of the year, management provided guidance forecasting earnings between 13 and 16 cents per share, with revenue projected in the $141 million to $151 million range. Despite Tuesday's rally to $10.19, the stock remains well below its historical highs from the early Internet era, having entered the session down 4.5% over the trailing 12-month period.
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