Harmonic Inc (NASDAQ:HLIT) shares are trading lower by 12.2% at $9.45 Tuesday morning after the company reported fourth-quarter earnings results and issued guidance.
Harmonic reported quarterly earnings of 16 cents per share which beat the analyst consensus estimate of 13 cents. The company reported quarterly sales of $155.80 million which beat the analyst consensus estimate of $149.02 million by 5%.
"Harmonic ended 2021 with exceptional quarterly results, including record revenue and bookings", said Patrick Harshman, president and chief executive officer of Harmonic. "Our results reflect continuing strong sales growth in our Cable Access segment and solid operating profit in our transforming Video segment. We exited the year with record backlog and deferred revenue and expanding customer relationships, providing Harmonic with a strong foundation for sustained momentum as we enter 2022 and continue to execute on our video streaming and broadband cable access growth strategies."
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Harmonic has a 52-week high of $12.22 and a 52-week low of $6.69.
