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MarketWatch MarketPulseAug 03, 2020
Harmonic stock jumps as results beat, strong outlook issued
Harmonic Inc. shares surged in the extended session Monday after the video-services company topped Wall Street estimates for the quarter and issued a strong outlook for the year. Harmonic shares jumped 17% after hours, following a 0.7% rise in the regular session to close at $5.62. The company reported a second-quarter loss of $15.4 million, or 16 cents a share, compared with a loss of $11.8 million, or 13 cents a share, in the year-ago period. The adjusted loss was 6 cents a share. Revenue declined to $74 million from $84.9 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 13 cents a share on revenue of $69.9 million. Harmonic expects a loss of 9 cents to a penny a share on revenue of $75 million to $87 million in the third quarter, and a loss of 12 cents a share to net income of 5 cents a share on revenue of $349.5 million to $381.5 million for the year. Analysts had forecast a loss of 5 cents a share on revenue of $85 million for the third quarter, and a loss of 23 cents a share on revenue of $337.7 million for the year.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 03, 2020
: RingCentral stock falls despite beating earnings expectations
RingCentral Inc. RNG shares fell in the extended session Monday even though the enterprise cloud communications company reported results that beat expectations. The Belmont, Calif.-based company's shares fell 1.5% in after-hours trading, after a 5.4% gain in the regular session to close at $305.36. The company reported second-quarter net income of $509,000, or 1 cent a share, versus a loss of $9.2 million, or 11 cents a share, in the year-ago period. Adjusted earnings were 24 cents a share after adjusting for higher share-based compensation and amortization of intangibles. Revenue rose to $278 million from $215 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 20 cents a share on revenue of $264 million. Citing strength in its subscriptions business because the pandemic has driven "enterprise communications platforms to a top IT priority," the company issued guidance for third-quarter revenue of $283.5 to $289.5 million, which would mean annual growth of 21% to 24%. For the full year, the company raised its guidance revenue range to $1.135 to $1.143 billion, representing annual growth of 26% to 27%, up from its prior range of $1.116 to $1.125 billion and annual growth of 24% to 25%. RingCentral shares are up 81% year to date, while the S&P 500 Index SPX is up 1.25% so far.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



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