Harmonic Shares Plunge On Weak First-quarter Results

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.