UPDATE 1-Harmonic cuts 1st-quarter revenue forecast

April 9 Mon Apr 9, 2012 4:38pm EDT

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.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.