HomeEquities ScoreHere is why Harmonic Inc. (HLIT) stock performed exceptionally well on Monday?

Here is why Harmonic Inc. (HLIT) stock performed exceptionally well on Monday?

Harmonic Inc. (HLIT) shares surged 5.04% in after-hours on Monday, November 01, 2021, and closed the daily trading at $9.80. Even in the regular trading session, HLIT’s stock gained 2.87%. HLIT shares have risen 57.07% over the last 12 months, and they have moved up 5.78% in the past week. Over the past three months, the stock has lost 12.23%, while over the past six months, it has declined by 32.34%.

Let’s have a look at its recent news and developments.


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HLIT latest announcement

On November 1, 2021, Harmonic Inc. (HLIT) released its unaudited results for the third quarter of 2021.

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Q3 2021 financial highlights

  • HLIT reported net revenue of $126.3 million in Q3 2021 compared to $94.9 million in Q3 2020.
  • In Q3 2021, GAAP gross margin was 52.4% compared to 6% in Q3 2020.
  • It earned GAAP net income of 5 million or GAAP net income per share of $0.01 in Q3 2021 compared to GAAP net loss of $5.4 million or GAAP net loss per share of $0.06 in Q3 2020.
  • Adjusted EBITDA was $14.8 million in Q3 2021 compared to $7.2 million in the year-ago period.

Claro Colombia collaboration with HLIT

On October 21, 2021, Colombian telecommunications leader Claro Colombia chose Harmonic’s Cloud-Native Software for its Claro Box TV streaming service.

Harmonic’s Cloud-Native Software will increase Claro Colombia’s business agility while ensuring an exceptional quality of experience for subscribers of the new Android TV-based service.

HLIT Expanded its FTTH Solution

On October 11, 2021, Harmonic (HLIT) expanded its fibre-to-the-home (FTTH) PON capabilities with a new 60G-capable remote switch.

The new remote switch will improve broadband deployment flexibility and stimulate economic growth by providing cable, telco and fibre operators with greater operational efficiencies to rapidly scale their network, connecting more communities to fibre broadband and quickly meeting network capacity demands for an ultra-connected future.

HLIT Google Cloud Marketplace integration

On October 11, 2021, Harmonic (HLIT) announced the integration of Google Cloud Marketplace in its CableOS® Cloud-Native Core Platform. The integration will provide quick access to Google Cloud Marketplace applications, allowing them to deploy new revenue-generating services with ease.

Harmonic’s CableOS Platform powers more than 3 million cable modems for over 60 cable operators worldwide, including the largest operators in North America and Europe, and leading service providers in Latin America and Asia.


HLIT new MAC Architecture (FMA)

On October 11, 2021, Harmonic (HLIT) released a new Flexible MAC Architecture (FMA) offering for its market-leading CableOS® Cloud-Native Core Platform at the SCTE Cable-Tec Expo 2021 virtual event.

The company’s new MAC Anywhere will empower operators to deploy the industry’s most advanced DOCSIS MAC on a variety of remote hardware platforms with flexibility.

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Conclusion

The Q3 2021 financial results were the reason behind its exceptional performance on Monday and it can continue to go up on Tuesday as well.

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