SAN JOSE, Calif. (AP) _ Harmonic Inc. (HLIT) on Monday reported fourth-quarter net income of $5.6 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the San Jose, California-based company said it had profit of 6 cents. Earnings, adjusted for one-time gains and costs, came to 12 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 8 cents per share.
The video services provider posted revenue of $122.2 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $113 million.
For the year, the company reported that its loss narrowed to $5.9 million, or 7 cents per share. Revenue was reported as $402.9 million.
For the current quarter ending in April, Harmonic expects its results to range from a loss of 10 cents per share to a loss of 3 cents per share.
The company said it expects revenue in the range of $80 million to $90 million for the fiscal first quarter.sonos sonos One (Gen 2) - Voice Controlled Smart Speaker with Amazon Alexa Built-in - Black read more
Harmonic expects full-year results to range from a loss of 40 cents per share to earnings of 26 cents per share, with revenue ranging from $390 million to $430 million.
Harmonic shares have decreased roughly 6% since the beginning of the year. In the final minutes of trading on Monday, shares hit $7.36, a rise of 39% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HLIT at https://www.zacks.com/ap/HLIT
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