Harmonic Inc., a provider of broadcast and on-demand video delivery solutions, reported a 25% rise in Q3’08 profits from Q3’07. What’s positive about their Q3’08 conference call is that although they say there’s no clarity for upcoming quarters, they are not seeing any indications of softening or a changing trend in the industry in terms of demand for cable and broadcasting.
Even the wireless and internet trends that they are seeing bolster their belief that the industry fundamentals haven't changed and are on track for growth.
Incidentally, they maintain that their customers, particularly the larger ones, are doing fine as well. Although they acknowledge that some will likely struggle to obtain credit for purchases.
We continue to see strength world wide, in terms of, emerging video delivery models and competition around that… Even up until this week, we have not seen competition subside at all. Just today [Oct. 27], Verizon (VZ) made a good announcement about the progress it was making with FiOS TV and Cox announced a major new wireless initiative. Last week we saw Comcast (CMCSA) announce it is… raising the bar of high speed internet access. This is all United States examples. But, to varying degrees, we would see this kind of competitive situation playing out internationally as well.
… The strength was really across the products and a different customer market segments that we saw. We saw again good strength in Cable but also good strength in satellite, direct to home, as well as IPTV.
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