What: Shares of video delivery specialist Harmonic (NASDAQ:HLIT) fell today, down by 4% as of 12:24 p.m. ET, after the company reported first-quarter earnings. Shares opened much lower but are beginning to recover losses.
So what: Non-GAAP revenue in the first quarter was $82.5 million, which translated into an adjusted net loss of $8.2 million, or $0.11 per share. Both top- and bottom-line results fell short of analyst expectations, which called for $84.5 million in sales and a net loss of $0.02 per share. Bookings were $109.6 million.
Now what: CEO Patrick Harshman acknowledged that the results were below the company's internal expectations, but pointed to strong bookings growth. Harmonic finished the quarter with a record backlog of orders and deferred revenue. The company continues to transition toward virtual architectures. Full-year 2016 guidance is unchanged, with adjusted sales expected in the range of $400 million to $415 million.
Evan Niu, CFA has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.