Markets
U.S. open in 4 hrs, 49 mins
BUSINESS NEWS
- Market News
- Earnings
- Recalls
- Recession Watch
- Tech News
- Financial Crisis
- Madoff Scandal
- BloggingStocks
- Luxist
- Money Videos
INVESTING
- Stock Quotes
- Stock Charts
- Stock Ticker
- Currencies
- Portfolio
- Stock Screener
- Broker Center
- Mutual Fund Center
- ETF Center
- Money
- 24/7 Wall St.
- Financial Glossary
PERSONAL FINANCE AT WALLETPOP
- Bargains
- Banking
- Budget
- Calculators
- College Finance
- Community
- Credit
- Deals
- Debt
- Economizer
- Food
- Home
- Fraud
- Insurance
- Interest Rates
- Loans
- Mortgages
- Real Estate
- Recalls
- Recession
- Retirement
- Saving
- Simplification
- Specials
- Taxes
SMALL BUSINESS
Harmonic 3Q profit falls 78 percent on lower sales
AP
SUNNYVALE, Calif. -Harmonic Inc., a provider of broadcast and video delivery systems, released third-quarter results on Wednesday that showed a 78 percent profit decline as customers continued to be cautious with their spending.
The stock plummeted in aftermarket trading.
The company, based in Sunnyvale, Calif., earned $2.6 million, or 3 cents per share, in the quarter that ended Oct. 2. That is down from the $12 million, or 12 cents per share, it earned a year earlier.
Adjusted profit of 5 cents per share fell short of a 6 cent per share consensus prediction of analysts polled by Thomson Reuters.
Revenue fell 8 percent to $83.9 million from $91.5 million. Analysts had expected $85.8 million.
Harmonic shares fell 84 cents, or 14 percent, to $5.10 in aftermarket trading after closing at $5.94, down 3.9 percent, in the regular session.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-28 18:27:06
COMMENTS ( 0 )