04:49 AM EDT, 10/29/2024 (MT Newswires) -- Harmonic (HLIT) reported fiscal Q3 non-GAAP earnings late Monday of $0.26 per diluted share, compared with breakeven a year earlier.

Analysts polled by Capital IQ expected $0.22.

Revenue for the quarter ended Sept. 27 was $195.8 million, up from $127.2 million a year earlier.

Four analysts surveyed by Capital IQ expected $182.7 million.

The company expects Q4 non-GAAP EPS of $0.33 to $0.39 on revenue of $205 million to $220 million. Analysts polled by Capital IQ expect earnings of $0.35 on revenue of $218.1 million.

For 2024, the company narrowed its guidance to non-GAAP net income of $0.67 to $0.73 per share on revenue of $662 million to $667 million, compared with its previous projection of $0.56 to $75 per share on revenue of $645 million to $695 million. Analysts polled by Capital IQ expect earnings of $0.65 per share on revenue of $661.6 million.

Shares of the company fell more than 20% in Tuesday's premarket activity.

Price: 11.75, Change: -3.07, Percent Change: -20.72