Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Harmonic have jumped today by as much as 16% after the company reported earnings.
So what: Revenue in the second quarter totaled $117.1 million, and bookings were $126.3 million. Non-GAAP net income was $5.6 million, or $0.05 per share. That bottom-line result is a welcome improvement compared to the adjusted net loss of $0.02 per share a year ago.
Now what: Non-GAAP gross margin also improved to 54%, and the company closed the quarter with $161.7 million in cash after repurchasing stock. CEO Patrick Harshman said the quarter marked the return to a trajectory it had previously expected. Harmonic is increasing penetration in the broadcast and media market. Revenue next quarter is expected to be in the range of $115 million to $125 million.
Interested in more info on Harmonic? Add it to your watchlist by clicking here.
It's incredible to think just how much of our digital and technological lives are almost entirely shaped by just a handful of companies. Find out "Who Will Win the War Between the 5 Biggest Tech Stocks?" in The Motley Fool's latest free report, which details the knock-down, drag-out battle being waged by the five kings of tech. Click here to keep reading.
The article Why Harmonic Shares Jumped originally appeared on Fool.com.
Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.