06:06 PM EDT, 04/29/2024 (MT Newswires) -- Harmonic (HLIT) reported no Q1 non-GAAP net income or loss Monday, compared with non-GAAP earnings of $0.12 a year earlier.

Analysts polled by Capital IQ expected a loss of $0.01.

Net revenue for the quarter ended March 29 was $122.1 million, down from $157.6 million a year earlier.

Analysts expected $121.6 million.

For Q2, the company is projecting a non-GAAP breakeven to earnings of $0.05 per share on $125 million to $140 million in net revenue. Analysts polled by Capital IQ are looking for a profit of $0.05 per share and $139.2 million in revenue.

For 2024, the company is projecting non-GAAP net income of $0.51 to $0.71 per share on $645 million to $695 million in revenue. Analysts polled by Capital IQ are looking for $0.56 and $670.8 million, respectively.

Shares were up nearly 4% in extending trading hours.

Price: 9.77, Change: +0.37, Percent Change: +3.94