NEW YORK (TheStreet) -- Shares of Harmonic Inc. (HLIT) are falling -10.62% to $6.37 after it issued downside guidance for the second quarter ending in June, and said it sees earnings per share of zero cents to two cents, below the Capital IQ consensus of 6 cents.
Revenue for the second quarter was lowered to $108 million to $110 million from previous guidance of $113 million to $123 million.
Plus, Harmonic issued downside guidance for the upcoming third quarter ending in September, with revenue of $103 million versus $113 million, versus the Capital IQ consensus of $124.8 million.
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Harmonic cited a global slowdown in its video business and was slated to report second quarter results July 22nd.
Separately, TheStreet Ratings team rates HARMONIC INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate HARMONIC INC (HLIT) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the growth in the company's net income has been quite unimpressive."