UPDATE 1-Harmonic cuts 1st-quarter revenue forecast
April 9 |
April 9 (Reuters) - Harmonic Inc cut its first-quarter revenue forecast on slower-than-expected order rate in the early part of the quarter and a decline in demand from European customers.
The company, which provides fiber optics products that enable video-on-demand services, now expects revenue of $125 million to $128 million, down from its previous forecast of $132 million to $142 million.
It also expects adjusted earnings between 2 cents and 3 cents per share in the quarter.
Analysts, on an average, are expecting first-quarter earnings of 9 cents per share on revenue of $136.6 million, according to Thomson Reuters I/B/E/S.
Shares of the company were down 5 percent after the bell. They had closed at $4.96 on Monday on the Nasdaq.
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