Why Harmonic Stock Tanked Today

Shares of Harmonic (NASDAQ: HLIT) have tanked today, down by 6% as of 12:05 p.m. EDT, after the company reported third-quarter earnings results. The results beat expectations, but guidance for the fourth quarter left a bit to be desired. The stock was down as much as 12% earlier in the morning.

Revenue in the third quarter declined by 18% to $94.9 million, which was ahead of the $82.2 million in sales that analysts were expecting. That translated into adjusted earnings per share of $0.03, while the consensus estimate had called for an adjusted net loss per share of $0.05. The video delivery technology company reported $100.7 million in bookings for the quarter.

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Source Fool.com