Harmonic (HLIT) shares dropped more than 17% after-hours following the company’s reported Q2 results, with EPS of $0.12 coming in worse than the consensus estimate of $0.13.
Revenue fell 1% year-over-year to $156 million, missing the consensus estimate of $167.52M. Broadband segment revenue grew 20% year-over-year to $97.1M. Video segment revenue was $58.9M, compared to $76.2M in the prior year period.
"While we achieved double digit year over year Broadband and Video SaaS revenue growth and strong gross margins for the second quarter, we experienced hardware sales delays across our business segments resulting in total revenue that was below our expectations," said CEO Patrick Harshman.
For Q3/23, the company expects EPS in the range of ($0.02)-$0.02, compared to the consensus of $0.19, and revenue in the range of $125-$140M, compared to the consensus of $188.6M.
For the full year, the company expects EPS of $0.38-$0.52, compared to the consensus of $0.69, and revenue of $620-$660M, compared to the consensus of $723.2M.
By Davit Kirakosyan