This quarterly report represents an earnings surprise of 100%. A quarter ago, it was expected that this video services provider would post a loss of $0.01 per share when it actually produced break-even earnings, delivering a surprise of 100%. Harmonic, which belongs to the Zacks Communication - Components industry, posted revenues of $138.74 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 3.33%. This compares to year-ago revenues of $155.96 million. The company has topped ...

Further information about Harmonic and the company's solutions is available at www.harmonicinc.com. SAN JOSE, Calif., July 29, 2024 /PRNewswire/ -- Harmonic (NASDAQ: HLIT) today announced that Telecentro, a leading telecommunications operator in Argentina, has selected Harmonic's industry-leading cOS™ broadband platform to modernize its broadband network. Harmonic's cOS virtualized core software and versatile edge devices will maximize Telecentro's investment in DOCSIS 3.1 networks, enabling reliable, highs ...

Revenue Performance - Revenue for Q2 2024 was $138.7 million, a 14% increase quarter over quarter, but down from $156.0 million in the prior year period[4] - Total net revenue for the three months ended June 28, 2024, was $138.74 million, a decrease of 11% compared to $155.96 million for the same period in 2023[33] - Total revenue for the six months ended June 28, 2024, was $260,800 thousand, down 16.8% from $313,612 thousand in the same period of 2023[40] - For the six months ended June 28, 2024, total revenue was $260.800 million, with a net loss of $(20.621) million, down from a net income of $6.648 million in the same period of 2023[53] Segment Performance - Broadband segment revenue was $92.9 million, compared to $97.1 million in the prior year, while Video segment revenue was $45.8 million, down from $58.9 million[4] - For the three months ended June 28, 2024, Harmonic Inc. reported Broadband revenue of $92.937 million and Video revenue of $45.803 million, resulting in total revenue of $138.740 million[50] - Adjusted EBITDA for Broadband was $16.320 million with a margin of 17.6%, while Video had an Adjusted EBITDA of $(0.263) million with a margin of (0.6)% for the same period[50] Profitability and Margins - GAAP gross margin was 52.9%, down from 54.5% in the prior year, while non-GAAP gross margin was 53.1%, down from 54.7%[4] - Gross profit for the three months ended June 28, 2024, was $73.46 million, down from $84.94 million in the same period last year, representing a decline of 13%[33] - The company reported a gross margin of 52.4% for the six months ended June 28, 2024, compared to 53.9% for the same period in 2023[42] - Non-GAAP net income for the same period was $9.28 million, compared to a loss of $8.09 million in the previous quarter, indicating a significant turnaround[46] Net Income and Loss - GAAP net loss was $12.5 million, compared to a net income of $1.6 million in the prior year, and non-GAAP net income was $9.3 million, down from $14.0 million[4] - Net loss for the three months ended June 28, 2024, was $12.53 million, compared to a net income of $1.56 million for the same period in 2023[33] - Net income for the six months ended June 28, 2024, was a loss of $20,621 thousand, compared to a net income of $6,648 thousand for the same period in 2023[36] Cash and Liquidity - Cash and cash equivalents decreased to $45.9 million from $71.0 million in the prior year[4] - The company reported a total current asset decrease from $330.73 million as of December 31, 2023, to $284.55 million as of June 28, 2024[31] - The company’s cash and cash equivalents decreased from $84.27 million as of December 31, 2023, to $45.85 million as of June 28, 2024[31] - Cash flows from operating activities provided $4,666 thousand for the six months ended June 28, 2024, compared to cash used of $10,252 thousand in the same period of 2023[36] Guidance and Projections - For Q3 2024, the company expects total GAAP net revenue guidance between $175 million and $190 million[7] - For the full year 2024, total GAAP net revenue guidance is projected to be between $645 million and $695 million[8] - Harmonic Inc. provided Q3 2024 financial guidance with expected revenue between $175 million and $190 million, and net income guidance of $16 million to $22 million[55] - The company anticipates 2024 revenue guidance of $645 million to $695 million, with net income projected between $23 million and $45 million[56] Operating Expenses - Operating expenses increased to $89.09 million for the three months ended June 28, 2024, compared to $74.98 million in the same period last year, marking a rise of 19%[33] - Total operating expenses for the three months ended June 28, 2024, were $89.09 million, up from $72.61 million in the previous quarter, indicating increased investment in operations[46] Restructuring and Charges - The company incurred restructuring and related charges of $11.48 million for the three months ended June 28, 2024, compared to no such charges in the same period last year[33] - Harmonic Inc. has indicated ongoing investments in restructuring and related charges, with $11.482 million recorded in the latest quarter[53] Other Financial Metrics - Backlog and deferred revenue stood at $613.1 million[4] - The company incurred $9,000 thousand in lease-related asset impairment and other charges during the six months ended June 28, 2024[36] - The company issued shares of common stock upon redemption of the 2024 Notes, totaling $4,578 thousand[38]

SAN JOSE, Calif., July 29, 2024 /PRNewswire/ -- Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the second quarter of 2024. Q2 Financial and Business Highlights Revenue of $138.7 million up 14% quarter over quarter at high end of guidance Reaffirming Broadband and Video Full Year Revenue Guidance "Our second quarter revenue was at the high end of our guidance range while profitability in both businesses exceeded our expectations," said Nimrod Ben-Natan, president and chief executive o ...

"I'm delighted to welcome Neel to our board," said Nimrod Ben-Natan, president and CEO of Harmonic. "His extensive finance and operational leadership experience in the telecom and broadband industries make him an excellent addition, as we continue to drive profitable growth in our broadband and video businesses globally." "Harmonic's award-winning virtualized broadband platform and portfolio of innovative network edge devices enable the most flexible and capable DOCSIS and fiber broadband solutions in the i ...

"Transitioning to XGS-PON technology will significantly enhance broadband speeds and provide a superior internet experience to our customers," said Matthew McFadden, network services manager at Paragould Municipal Utilities. "Harmonic's cOS virtualized core software and Pier OLT shelf provide us with an economical solution that scales efficiently for fiber service delivery. By supporting best-in-class ONU/ONTs, the Pier OLT shelf allows us to deliver the most advanced in-home internet experience with a thir ...

Harmonic to Showcase Versatile Fiber Solutions That Simplify Deployments and Generate Savings for Service Providers "Growth and profitability for fiber broadband service operators hinges on time to market and optimizing costs," said Dan Gledhill, senior vice president, broadband fiber at Harmonic. "At Fiber Connect we'll showcase our unique fiber broadband solutions that provide unparalleled flexibility for operators to reduce capex today and ensure expanded capacity for the future in any density, over any ...

https://register.vevent.com/register/BI0a4873336ead4b6c81df331d35635fb3. For those unable to participate in the live event, a replay will be available on the same website after 5:00 p.m. PT. About Harmonic Harmonic, the Harmonic logo and other Harmonic marks are owned by Harmonic Inc. or its affiliates. All other trademarks referenced herein are the property of their respective owners. SAN JOSE, Calif., July 15, 2024 /PRNewswire/ -- Harmonic (NASDAQ: HLIT) today announced it will release its second quarter ...

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Integrating advanced playout, cutting-edge AI video compression and one-to-many distribution in a single media processing solution should enable 44p to deliver unrivaled UHD quality video to its customers. The use of this advanced technology is likely to help the company in minimizing its costs as well. As consumer preferences evolve toward higher resolutions and richer content experiences, this collaboration between Harmonic and 44P highlights the growing importance of advanced video delivery infrastructur ...