Harmonic (HLIT) - Get Report posted a $69 million third-quarter loss on charges related to staff reductions and inventory write-downs. Before the charge and other items, its loss was somewhat narrower than expected.
The Sunnyvale, Calif., maker of digital communications equipment said it lost $68.8 million, or $1.17 a share, in the third quarter, compared with $89.7 million, or $1.55 a share, in the year-ago period. The latest quarter includes a $23 million charge related to workforce reductions and a $29.5 million inventory write-down.
Before the charges, the company lost $11.9 million, or 20 cents a share. Analysts were predicting a loss of 23 cents a share. Total sales in the latest quarter were $57.5 million compared with $68.2 million a year ago.