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Sep 29, 2023
Harmonic Q3 2023 Earnings Report
Reported third quarter results that were within guidance range, despite the challenging macro-economic and carrier spending environment.
Key Takeaways
Harmonic Inc. announced its Q3 2023 financial results, with revenue at $127.2 million. The company reported a GAAP net loss of $6.5 million, or $0.06 per share, and a non-GAAP net income of $0.0 million, or $0.00 per share. Video SaaS revenue increased by 42% year over year.
Revenue was $127.2 million, compared to $155.7 million in the prior year period.
GAAP gross margin was 48.5% and non-GAAP gross margin was 49.5%.
GAAP net loss was $6.5 million and non-GAAP net income was $0.0 million.
Video SaaS revenue grew 42% year over year.
Revenue by Geographic Location
Forward Guidance
Harmonic provided financial guidance for Q4 2023.
Positive Outlook
- Expects Q4 GAAP net revenue between $150 million and $175 million.
- Projects Q4 GAAP gross profit between $72 million and $86 million.
- Anticipates Q4 operating income between $2 million and $13 million.
- Forecasts Q4 cash between $80 million and $95 million.
- Expects Q4 Non-GAAP net revenue between $150 million and $175 million.
Challenges Ahead
- The strategic review may cause some disruption to the business, we are conservatively guiding our Video business for Q4 2023.
- Projects Q4 operating expenses between $70 million and $73 million.
- Projects Q4 operating expenses between $33 million and $35 million.
- Guidance for Q4 GAAP net income (loss) per share between $0.00 and $(0.02).
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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