Harmonic 3Q profit falls 78 percent on lower sales

SUNNYVALE, Calif. (AP) — 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.