Harmonic Shares Plunge On Weak First-quarter Results

By Sue Chang Markets MarketWatch Pulse

Shares of Harmonic Inc. skidded in Monday's extended session after the video services company posted quarterly results that fell short of Wall Street's expectations. Harmonic reported its first-quarter loss narrowed fractionally to $24.3 million, or 30 cents a share, from a loss of $25.2 million, or 33 cents a share, a year earlier. On an adjusted basis, the company would have lost 14 cents a share. Revenue edged up to $82.9 million from $81.8 million a year ago. Analysts surveyed by FactSet had forecast a loss of 5 cents a share on revenue of $93.1 million. Harmonic projected a loss of 4 cents a share to break even, on an adjusted basis, in the second quarter, below analysts' estimates. Shares sank 12% after hours.

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