July 29, 2010 / 10:21 PM / 8 years ago

UPDATE 1-Harmonic Q2 beats, sees strong 2010 rev; shrs rise

* Q2 adj EPS $0.09 vs est $0.07

* Rev from video processing product boosts Q2

* Sees Q3 rev of $95-$98 mln, tops Street view

* Shares up 7 pct after the bell

July 29 (Reuters) - Harmonic Inc (HLIT.O) reported quarterly profit that beat Wall Street estimates, helped by a 31 percent jump in revenue from its video processing product, and forecast strong full-year revenue, sending its shares up 7 percent.

Net income for the second quarter was $4.4 million, or 5 cents a share, compared with a net loss of $7.9 million, or 8 cents a share, in the year-ago period.

Excluding items, earnings were 9 cents a share.

Net revenue for the quarter rose 18 percent to $95.5 million, the provider of fiber optics products that enable video-on-demand services said in a statement.

Analysts on average were expecting earnings of 7 cents a share, on revenue of $90.4 million, according to Thomson Reuters I/B/E/S.

“Second-quarter results (were) driven by the growing worldwide investment in new high definition services,” Chief Executive Patrick Harshman said.

Revenue from the company’s video processing product rose to $50.0 million, from $38.3 million in the year-ago period.

For 2010, the company expects revenue of in a range of $370 million to $375 million. Analysts were looking at $363.7 million. [ID:nWNAB1320]

Shares of the Sunnyvale, California-based company were trading up 43 cents at $6.40 after the bell. They closed at $5.97 Thursday on Nasdaq. (Reporting by Sweta Singh in Bangalore; Editing by Unnikrishnan Nair)

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