Harmonic posts healthy Q2 results, moves into new HQ
Harmonic reported an 18 percent increase in its second-quarter revenue last week, thanks in large part to demand for its video processing products.
For the second quarter of 2010, Harmonic reported net revenues of $95.5 million, up from $81.3 million in the second quarter of 2009 and up 13 percent from $84.8 million in the first quarter of this year.
For the first six months of 2010, net revenues were $180.4 million, up 21 percent from $149 million in the same period of 2009. Total bookings in the second quarter of 2010 were approximately $103.9 million, up 28 percent from approximately $81.3 million for the second quarter of 2009.
Harmonic said the year-over-year growth in revenues and bookings reflected continued demand across many geographies and markets, driven by high-definition upgrades and expansion cycles.
International sales represented 48 percent of net revenues for the second quarter of 2010. Sales to cable customers accounted for 56 percent of net revenues in the second quarter of 2010; sales to satellite customers accounted for 27 percent; and sales to telco, broadcast and other customers accounted for 17 percent.
"Harmonic continues to perform well, with second-quarter results driven by the growing worldwide investment in new high-definition services. Our ongoing investment in innovative technologies that enable HD and other video services is being rewarded as new and existing customers increasingly choose Harmonic solutions to power their expanding HD offerings," said Harmonic President and CEO Patrick Harshman.
Harmonic expects net revenues for the third quarter to be between $95 million and $98 million, and for the full year 2010 a range of $370 million to $375 million.
In other Harmonic-related news, today was the company's first day in its new San Jose headquarters. Near the end of last year, Harmonic announced it was moving from two buildings in Sunnyvale, Calif., to an 188,000-square-foot building in San Jose that was formerly owned by Cisco.
Over the weekend, half of Harmonic's employees in Sunnyvale relocated to the leased building in San Jose, with the remainder scheduled to move this Friday.