Harmonic Inc - HLIT STOCK NEWS

Harmonic Inc. (NASDAQ: HLIT) reported strong Q1 2022 results, with revenue up 32% year over year to $147.4 million. The Cable Access segment was particularly robust, achieving 98% growth at $81.6 million. Despite this, the Video segment revenue declined by 6% to $65.8 million. The company also noted a record backlog and deferred revenue, increasing 81% year over year. The GAAP net loss was $1.5 million, while non-GAAP net income reached $8.9 million. Harmonic expects continued momentum in Q2 2022, projecting total revenue between $144 million and $154 million.

Harmonic (NASDAQ: HLIT) has integrated HDR10+ support into its VOS®360 cloud streaming platform and XOS software, enhancing video quality with dynamic image features. The integration allows for optimized color contrast and detail in HDR video, helping viewers experience images closer to directors' original intentions. Currently, a trial with Evoca, a pay-TV service, is assessing HDR10+ for improved video delivery. The company will showcase its advancements at the NAB Show in Las Vegas from April 24-27, 2022.

Harmonic Inc. (NASDAQ: HLIT) will release its Q1 2022 financial results after the market close on May 2, 2022. A live webcast to discuss the results is scheduled for 2:00 p.m. PT on the same day, available through the company's Investor Relations website. An audio version can be accessed via phone. A replay will be available post-event. Harmonic, a leader in virtualized cable access and video delivery solutions, focuses on enabling high-quality streaming and broadcast services.

Harmonic (NASDAQ: HLIT) announced that CTV Beam, a cable operator in Alabama, has adopted its CableOS® FTTx solution to enhance broadband services. This platform integrates FTTH PON and HFC DOCSIS networks, providing a scalable and flexible solution for increasing bandwidth demands. CTV Beam aims to meet the growing need for high-speed internet as more residents engage in remote activities. The CableOS platform supports over 4.8 million cable modems globally, reinforcing Harmonic's leading position in virtualized cable access solutions.

Harmonic has been selected by NBC Sports to provide its Edge media processing solution for the XXIV Olympic Winter Games in Beijing from February 2-20, 2022. This partnership will facilitate over 2,800 hours of live 4K HDR broadcasts across various NBC platforms. Harmonic's XOS Edge solution will streamline Olympic feeds and ensure high-quality broadcasts while minimizing staff requirements. NBC Sports' coverage of the Winter Games marks its 18th Olympic presentation, highlighting its longstanding commitment to premier sports broadcasting.

Harmonic (NASDAQ: HLIT) announced that GCI, Alaska's largest telecommunications company, is implementing Harmonic's Cloud-Native CableOS Platform to enhance its broadband services. This platform facilitates virtualized network upgrades, enabling GCI to provide ultra-fast and reliable internet. The deployment includes a distributed access architecture and analytics powered by AI for real-time monitoring. Harmonic's solutions support a variety of network demands and are designed for future capabilities, including 10G service. The CableOS Platform currently supports 4.8 million cable modems worldwide.

Harmonic (NASDAQ: HLIT) has successfully achieved interoperability for its MAC Anywhere Flexible MAC Architecture (FMA) at the recent CableLabs event. This accomplishment enables its CableOS Cloud-Native Core Platform to work seamlessly with third-party MAC Manager software, enhancing operators' ability to deploy multi-gigabit broadband services. Harmonic's software-based solution is designed to simplify network operations, promote flexibility, and support next-gen networks. The company's technology powers 4.8 million cable modems globally, serving major operators in North America, Europe, and beyond.

Harmonic Inc. (NASDAQ: HLIT) announced a stock repurchase program authorized by its board of directors, permitting the repurchase of up to $100 million in outstanding shares through February 2025. The program aims to enhance shareholder value and will be funded through cash on hand and operations revenue. CEO Patrick Harshman expressed confidence in the company's financial health and growth potential. Repurchases will depend on various factors, including stock price and market conditions, and the program may be adjusted or suspended at the company's discretion.

Harmonic Inc. (NASDAQ: HLIT) reported a strong Q4 and fiscal year 2021, with revenue of $155.8 million, reflecting an 18% increase year-over-year. The Cable Access segment surged 53% to $69.7 million, while the Video segment remained stable at $86.1 million. Gross margins dipped slightly to 50.0% for GAAP and 50.5% for non-GAAP. The company ended the year with a record backlog of $441 million and cash reserves of $133.4 million. Forward-looking guidance for Q1 2022 estimates revenues between $134 million and $149 million.