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Jun 30, 2023
Harmonic Q2 2023 Earnings Report
Harmonic reported results with double-digit year-over-year growth in Broadband and Video SaaS revenue, but experienced hardware sales delays.
Key Takeaways
Harmonic Inc. announced its Q2 2023 results, which showed double-digit year-over-year growth in Broadband and Video SaaS revenue. However, the company experienced hardware sales delays across its business segments, resulting in total revenue below expectations. Despite these short-term headwinds, Harmonic has the largest backlog in its history and its operating model delivered solid profitability.
Broadband revenue was up 20% year-over-year.
Video SaaS revenue was up 58% year-over-year.
The company has the largest backlog in its history.
CableOS® solution commercially deployed with 98 customers, serving 21.0 million cable modems
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Harmonic provided financial guidance for Q3 2023 and full year 2023.
Positive Outlook
- Q3 2023 revenue is expected to be between $125 million and $140 million
- Q3 2023 gross margin is expected to be between 49.4% and 50.3%
- 2023 revenue is expected to be between $620 million and $660 million
- 2023 gross margin is expected to be between 51.5% and 52.5%
- Q3 2023 Cash is expected to be between $80 million and $90 million
Challenges Ahead
- Q3 2023 operating loss is expected to be between $(11) million and $(5) million
- Q3 2023 EPS is expected to be between $(0.04) and $(0.02)
- 2023 Operating income is expected to be between $29 million and $51 million
- 2023 EPS is expected to be between $0.08 and $0.13
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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