Harmonic Has 68% Revenue Growth on Streaming SaaS; Stock Up

Fiscal Q2 revenue in Harmonic’s video segment was up 34% year over year, including 68% growth in streaming software-as-a-service revenue, said CEO Patrick Harshman on a quarterly call Monday. The quarter ended July 2. The scaling of “existing customer usage,” plus new customers, drove the streaming revenue growth, he said. “The streaming market continues to grow,” and “streaming brand awareness” keeps improving, said Harshman. “We're pleased to see continued resurgence in broadband project activity worldwide.” Revenue growth “reflected overall broadcast market resilience and happened with nearly no 5G bandwidth reclamation contribution, as Q2 was between 5G-driven projects," he said. The stock soared 23% Tuesday, closing at $10.63.