12.97
0.46%
0.06
Why is Harmonic Inc (HLIT) Stock down?
We've noticed a 25.10% decline in Harmonic Inc (HLIT) stock during the 2024-10-29 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
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.
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