Harmonic reported a wider net loss and lower revenues compared to a year earlier in its second quarter earnings report.
The company said its Q2 net revenue was US$82.3 million (€69.9 million), compared to US$109.6 million for Q2 2017, and that it made a net quarterly loss of US$31.5 million, versus a net loss of US$20.7 million a year earlier.
Bookings for the second quarter were US$91.1 million, down from US$117.3 million in Q2 2016, while total cash, cash equivalents and short-term investments declined by US$2.4 million to US$52.9 million.
“Market demand for video infrastructure delivered through SaaS is accelerating,” said Harmonic president and CEO, Patrick Harshman.
“During Q2 2017, with respect to our OTT SaaS business, total contract value grew 90% sequentially to 8% of total bookings, reducing near-term revenue and profitability but establishing a trajectory for stronger financial performance mid- to long-term.
“Additionally, recent material CableOS bookings and field deployment success bolster our confidence in the growth outlook for our Cable Edge segment.”
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