(RTTNews) - Harmonic Inc. (HLIT) on Monday reported third-quarter net loss of $5.4 million or $0.06 per share, compared to last year's profit of $11.7 million or $0.12 per share last year.
On an adjusted basis, earnings were $0.03 per share, compared to $0.25 per share last year. Analysts polled by Thomson Reuters expected a loss of $0.05 per share.
Revenues for the quarter were $94.9 million, down from $115.7 million last year. Analysts had a consensus revenue estimate of $82.05 million for the quarter.
"Harmonic's third quarter results were driven by strong performance in both our Cable Access and Video segments," said Patrick Harshman, president and chief executive officer of Harmonic. "Our Cable Access segment delivered solid sequential revenue growth and operating margin. Complementing this, Video segment revenue rebounded strongly quarter over quarter, reflecting increased customer activity."
Looking forward to the fourth quarter, the company expects adjusted earnings of $0.10 to $0.18 per share and revenues of $120 million to $130 million. Analysts currently estimate earnings of $0.17 per share and revenues of $130.98 million.
For the full year 2020, the company expects earnings to be between a loss of $0.03 to an ernings of $0.04 per share and revenues of $367.5 million to $377.5 million. Analysts currently estimate loss of $0.04 per share on revenues of $365.44 million.
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