Harmonic (Nasdaq: HLIT) is expected to report Q3 earnings on Oct. 23. Here's what Wall Street wants to see:

The 10-second takeaway
 Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Harmonic's revenues will contract -2.2% and EPS will shrink -36.4%.

The average estimate for revenue is $135.8 million. On the bottom line, the average EPS estimate is $0.07.

Revenue details
 Last quarter, Harmonic tallied revenue of $132.6 million. GAAP reported sales were 1.0% lower than the prior-year quarter's $134.0 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 Last quarter, non-GAAP EPS came in at $0.06. GAAP EPS of $0.00 were the same as the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
 For the preceding quarter, gross margin was 43.4%, 270 basis points worse than the prior-year quarter. Operating margin was -1.8%, 280 basis points worse than the prior-year quarter. Net margin was 0.0%, 30 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $537.7 million. The average EPS estimate is $0.24.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 291 members out of 310 rating the stock outperform, and 19 members rating it underperform. Among 51 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 49 give Harmonic a green thumbs-up, and two give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Harmonic is hold, with an average price target of $5.88.

Internet software and services are being consumed in radically different ways, on increasingly mobile devices. Does Harmonic fit in anymore? Check out the company that Motley Fool analysts expect to lead the pack in "The Next Trillion-dollar Revolution." Click here for instant access to this free report.