Harmonic Losses For Quarter to Be Well Above Expectations

Author:
Chris Frankie
Publish date:
Dec 21, 2000 5:18 PM EST

Harmonic

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.

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.