11.67
price up icon0.34%   +0.04
after-market  After Hours:  11.67 
loading

Why is Harmonic, Inc. (HLIT) Stock down?

09 Apr, 2024:

Harmonic Inc (HLIT) stock dropped by 14.61% following the strategic shifts announced by the company, including the decision not to pursue the sale of its video video business following a review. Additionally, President and CEO Patrick Harshman will retire in June and will be succeeded by Nimrod Ben-Natan, another long-time Harmonic executive.

  • Video Business Review and Decision: Harmonic initiated a review of its video business last fall in response to inquiries from interested parties. Analysts estimated that the video business could have fetched bids in the range of $350 million to $500 million. Despite the video segment's revenue of $51.9 million in Q4 2023 (down 24.1% year-over-year), the software-as-a-service (SaaS) segment of the unit saw revenues increase by 26%, reaching $13.2 million. The review, which involved the board and outside financial legal advisors, concluded that the current market conditions do not support the value creation objectives for the Video business. As a result, Harmonic has decided not to pursue a sale of the video unit at this time.
  • Leadership Transition: Patrick Harshman, who has been President and CEO of Harmonic, will step down and retire in June. He will be succeeded by Nimrod Ben-Natan, who has been with Harmonic since 1996 and has served in various roles, including Senior Vice President and General Manager of the Broadband business.
01 Aug, 2023:

Harmonic Inc. (HLIT) stock fell 22% to $11.63 after the company posted downbeat second-quarter results and lowered FY23 outlook. Several analysts reduced the price target post-Q2 2023 earnings miss.

https://www.benzinga.com/analyst-ratings/analyst-color/23/08/33500509/why-harmonic-shares-are-diving-today

$18.64
price up icon 5.97%
$48.87
price up icon 0.04%
communication_equipment UI
$148.91
price up icon 1.74%
$34.64
price up icon 0.00%
$320.16
price up icon 0.71%
$5.77
price up icon 0.52%
Cap:     |  Volume (24h):