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. A secret billion-dollar stock opportunity The world's biggest tech company forgot to show you something, but a few Wall Street analysts and the Fool didn't miss a beat: There's a small company that's powering their brand-new gadgets and the coming revolution in technology. And we think its stock price has nearly unlimited room to run for early in-the-know investors! To be one of them, just click here.