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Why Harmonic Inc. Shares Fell Today

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.

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