On January 31, Harmonic Inc. (HLIT) announced its financial results for the fourth quarter and full-year 2021. Consequently, the stock suffered a dip of 9.01% in the after-hours on Monday.
During the regular session, the stock moved between a high of $10.77 and a low of $10.33. HLIT closed the session at $10.76, gaining 4.16% at a volume of 10.76 million shares. Following the announcement of the results, the stock plunged down to $9.79 in the after-hours.
The video delivery software products and services provider, Harmonic Inc. was founded in 1988. Currently, the company has a market capitalization of $1.06 billion. Moreover, HLIT’s 102.57 million outstanding shares currently stand at the year-to-date loss of 8.50%.
HLIT’s Q4 Financials
In the fourth quarter of 2021, the company generated revenue of $155.8 million. Hence, showing an increase of 18% year over year.
Furthermore, the non-GAAP net income in Q4 2021, was $17.6 million, compared to $20.0 million in Q4 2020. Resultantly, the non-GAAP net income per share was $0.16 and $0.20 in the fourth quarter of 2021 and 2020, respectively.
HLIT ended the fourth quarter of 2021, with a cash balance of $133.4 million on December 31, 2021. This marks an increase of $34.8 million years over year.
Q1 2022 Guidance
Along with the financial results, HLIT also provided financial guidance for its ongoing Q1 2022. The company expects total GAAP net revenue for Q1 2022 to be in the range of $134.0 million to 149.0 million.
Additionally, the expected GAAP earnings per share for the quarter are between $(0.10) and $(0.04).
Recent Participation
On January 11, the company participated in the 24th Annual Needham Virtual Growth Conference. HLIT’s Chief Financial Officer, Sanjay Kalra, and Senior VP of Business Development, Jeremy Rosenberg participated in a fireside chat at the conference.
HLIT and Rogers Communications Partnership
On December 15, the company announced its partnership with Rogers Communications. Roger Communications is a Canada-based leading technology and media company. Under the partnership, the companies will power Rogers’ next-gen multi-gigabit broadband services through Harmonic’s CableOS® core platform.
HILT’s CableOS Platform powers over 3 million cable modems for leading operators including those in North America, Europe, Latin America, and Asia.
Conclusion
HILT’s recent financial results while did show some improvement in revenues, marked a YOY decline in earnings. As a result, unimpressed by the financial report the stock took a hit in the after-hours on Monday.
