Business
Harmonic Announces Second Quarter 2024 Results
Revenue of $138.7 million up 14% quarter over quarter at high end of guidance Reaffirming Broadband and Video Full Year Revenue Guidance SAN JOSE, Calif.,
About this update from Harmonic Inc.
[{"type":"text","content":"Revenue of $138.7 million up 14% quarter over quarter at high end of guidance\nReaffirming Broadband and Video Full Year Revenue Guidance\nSAN JOSE, Calif., July 29, 2024 /PRNewswire/ -- Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the second quarter of 2024.\n\n \n \n \n \n \n \n\n \n\"Our second quarter revenue was at the high end of our guidance range while profitability in both businesses exceeded our expectations,\" said Nimrod Ben-Natan, president and chief executive officer of Harmonic. \"These results demonstrate strong execution in both our Broadband and Video businesses as we continue to implement our 2024 and long-term growth plans.\"\nQ2 Financial and Business Highlights\nFinancial\nRevenue: $138.7 million, compared to $156.0 million in the prior year periodBroadband segment revenue: $92.9 million, compared to $97.1 million in the prior year periodVideo segment revenue: $45.8 million, compared to $58.9 million in the prior year periodGross margin: GAAP 52.9% and non-GAAP 53.1%, compared to GAAP 54.5% and non-GAAP 54.7% in the prior year periodBroadband segment non-GAAP gross margin: 47.6% compared to 50.5% in the prior year periodVideo segment non-GAAP gross margin: 64.4% compared to 61.7% in the prior year periodOperating income (loss): GAAP loss $15.6 million and non-GAAP income $12.2 million, compared to GAAP income $10.0 million and non-GAAP income $18.2 million in the prior year periodNet income (loss): GAAP net loss $12.5 million and non-GAAP net income of $9.3 million, compared to GAAP net income $1.6 million and non-GAAP net income $14.0 million in the prior year periodNon-GAAP adjusted EBITDA: $16.1 million income compared to $21.1 million income in the prior year periodNet income (loss) per share: GAAP net loss per share of $0.11 and non-GAAP net income per share of $0.08, compared to GAAP net income per share of $0.01 and non-GAAP net income per share of $0.12 in the prior year periodBacklog and deferred revenue of $613.1 millionCash: $45.9 million, compared to $71.0 million in the prior year periodBusiness\nCommercially deployed our cOS™ solution with 118 customers, serving 30.1 million cable modemsContinuing to diversify our Broadband customer base with the recent announcement that Telecentro, a leading telecommunications operator in Argentina, has selected Harmonic's industry-l...