Update: Harmonic Drops on Earnings Warning

Updated from 12:22 p.m. EDT

Shares of Harmonic (HLIT Quote) plunged more than 40% Tuesday after the communications equipment provider warned that its second-quarter earnings would likely fall short of Wall Street estimates.

The Sunnyvale, Calif.-based company expects to report revenue of $74 million to $82 million for the second quarter ending June 30, with earnings of 12 to 16 cents a share. That's 5 cents more per share than a year earlier, but the results would still fall far short of the consensus estimate of 29 cents, according to analysts surveyed by First Call/Thomson. ...