Harmonic Losses For Quarter to Be Well Above Expectations
Harmonic
(HLIT) - Get Harmonic Inc. Report
said today that it expects to post fourth-quarter losses two to three times greater than analysts' expectations.
The Sunnyvale, Calif.-based broadband services provider said it foresees a loss of 20 cents to 30 cents a share, well below the 28-cent profit it earned in the year-ago period. Six analysts polled by
First Call/Thomson Financial
expected the company to lose 10 cents for the period. Harmonic said revenues are now expected to be between $50 million and $55 million. Analysts were expecting revenues of $71 million.
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The company attributed the wider losses to customers delaying or canceling shipments for the rest of the year.
Shares of Harmonic finished down 53 cents, or 7.2%, at $6.81 during the regular session on the
Nasdaq
and slipped even further to $4.69 in recent after-hours
Island
trading.
