HLIT stock rose 12% in after-hours trading on November 1, 2021, after the company reported its quarterly financial statement.
Harmonic Announces Third Quarter 2021 Results
SAN JOSE, Calif., Nov. 1, 2021 /PRNewswire/ — Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the third quarter of 2021.
“Harmonic delivered another strong quarter, with total revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... up 33% year over year and solid operating profit, driven by continued execution of our strategic growth initiatives,” said Patrick Harshman, president and chief executive officer of Harmonic. “Strong market momentum in both segments, solid backlog and deferred revenue and an increasingly robust cash position provide a strong foundation for continued growth through the balance of this year and into 2022.”
Q3 Financial and Business Highlights
- Revenue: $126.3 million, up 33% year over year
- Cable Access segment revenue: $57.6 million, up 43% year over year
- Video segment revenue: $68.7 million, up 26% year over year
- Gross margin: GAAP 52.4% and non-GAAP 52.8%, compared to GAAP 51.6% and non-GAAP 52.2% in the year ago period
- Cable Access segment gross margin: 42.0% compared to 48.9% in the year ago period
- Video segment gross margin: 61.9% compared to 54.6% in the year ago period
- Operating income (loss): GAAP income $5.4 million and non-GAAP income $11.8 million, compared to GAAP loss $1.6 and non-GAAP income $4.2 million in the year ago period
- Adjusted EBITDA: $14.8 million income compared to $7.2 million income in the year ago period
- Net income (loss): GAAP net income $1.5 million and non-GAAP net income of $9.5 million, compared to GAAP net loss $5.4 million and non-GAAP net income $2.6 million in the year ago period
- EPS: GAAP net income per share of $0.01 and non-GAAP net income per share of $0.09, compared to GAAP net loss per share of $0.06 and non-GAAP net income per share of $0.03 in the year ago period
- Cash: $128.4 million, up $57.6 million year over year
- CableOS® solution commercially deployed with 68 customers, up 79% year over year
- CableOS deployments scaled to 3.9 million served cable modems, up 77% year over year
- VOS® streaming SaaS customer base up 36% year over year; SaaS revenue increased 69% year over year
Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized cable access and video delivery solutions, enables media companies and service providers to deliver ultra-high-quality video streaming and broadcast services to consumers globally. The Company revolutionized cable access networking via the industry’s first virtualized cable access solution, enabling cable operators to more flexibly deploy gigabit internet service to consumers’ homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software platforms, or powering the delivery of gigabit internet cable services, Harmonic is changing the way media companies and service providers monetize live and on-demand content on every screen. More information is available at https://www.harmonicinc.com
New Claro Box TV Brings World-Class Streaming Service with Harmonic’s Cloud-Native Software
On October 21, 2021, Harmonic (NASDAQ: HLIT) announced that Colombian telecommunications leader Claro Colombia is fueling its new Claro Box TV streaming service with Harmonic. The Harmonic solution, powered by the company’s market-leading VOS® Cloud-Native Software, increases Claro Colombia’s business agility while ensuring an exceptional quality of experience for subscribers of the new Android TV-based service.
“With the launch of Claro Box TV, we are the first service provider in Colombia to implement an Android TV service,” said Walter Borda, Innovation Corporate Director at Claro Colombia. “Claro Box TV is a revolutionary leap forward in streaming experience: our subscribers can enjoy traditional linear channels as well as start-over and catch-up TV, cloud DVR, remote control voice assistant, third-party streaming services, and more than 300 applications from the Google Play Store.”
Claro Colombia has deployed Harmonic’s VOS Cloud-Native Software solution along with the company’s software-based Electra® X live video processor and the MediaGrid® shared storage system for unparalleled flexibility and scalability. By running the VOS software in a private data center with easy access to the public cloud, Claro Colombia can stream its entire channel lineup for a one-stop-shop, app-based streaming experience. An essential part of the turnkey solution is Harmonic’s EyeQ™ AI-based encoding technology, which improves streaming performance and lowers overall streaming and storage costs. Additionally, Harmonic’s team of DevOps experts provides 24/7 monitoring and assistance to ensure the highest service availability for Claro Box TV.
“Claro Box TV puts Claro Colombia on the map as a leading aggregator for video streaming services in the Latin American region,” said Alvaro Martin, Vice President, Sales and Services, Latin America, at Harmonic. “Our VOS Cloud-Native Software is built around Docker containers and microservices with Kubernetes orchestration, which ensures optimized resource use and future-proofed video streaming for Claro Colombia.”
HLIT Stock Technical Analysis
The rising large players volume looks good. HLIT has only a medium technical rating, but it does show a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 9.32. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 9.07, a stop order could be placed below this zone. Click here to sign up for email alerts on when HLIT is a good entry.