Harmonic's stock surged 8.59% in after-hours trading following the release of its first-quarter financial results, which significantly exceeded analyst expectations.
The broadband solutions provider reported Q1 adjusted earnings per share of $0.21, beating the consensus estimate of $0.12. Revenue for the quarter climbed 43% year-over-year to $121.7 million, also surpassing expectations of $102.2 million. The company attributed this strong performance to robust demand for its broadband solutions and progress in diversifying its customer base.
Furthermore, Harmonic raised its full-year broadband revenue outlook to a range of $475 million to $495 million. The company also provided Q2 guidance that exceeded analyst projections, with expected revenue of $115 million to $125 million and non-GAAP EPS for continuing operations of $0.15 to $0.19. The positive results and upgraded forecast drove investor optimism in the extended session.