Harmonic Shares Rally After 3Q Adjusted EPS, Revenue Top Expectations

Dow Jones11-03

Shares of Harmonic rallied premarket after the maker of broadband-Internet delivery technology posted third-quarter adjusted earnings and revenue growth ahead of Wall Street expectations.

Late Monday, the San Jose, Calif., seller of technology to Internet providers posted earnings of $14.6 million, or 13 cents a share, up from $2.7 million, or 2 cents a share, a year earlier.

Stripping out certain one-off items, Harmonic logged adjusted earnings of 23 cents a share, handily beating the mean Wall Street estimate of 17 cents a share.

Revenue rose 64% to $148.8 million, well in excess of the average analyst target of $129.5 million.

For the fourth quarter, the company targeted earnings in a range between 13 cents and 16 cents a share on revenue of $141 million-to-$151 million.

Shares of Harmonic rose 16% to $10.19 premarket. Shares of the company were down 4.5% over the last 12 months going into Tuesday's session and trade at a fraction of their levels from the Dotcom era when Internet media were in their infancy.

In June, Harmonic sold its video-streaming technology business to MediaKind.

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