CommScope Holding Company, Inc. COMM reported mixed second-quarter 2021 results, wherein the bottom line missed the Zacks Consensus Estimate but the top line beat the same.In response to the results released on Aug 5 before the bell, this Hickory, NC-based company’s share price fell 20.7% on the same day, closing the session at $16.41. On Aug 6, the stock closed a tad higher at $16.54.Despite the ongoing global supply chain challenges, CommScope expects to capitalize on industry tailwinds such as the demand for 5G, the recent launch of HELIAX SkyBlox to meet the demand for network upgrades while helping operators to put reliable mobile networks in place. Moving into the second half of the year, growth, cost control and portfolio optimization will remain its priorities.Bottom LineOn a GAAP basis, net loss in the June quarter was $168.1 million or loss of 82 cents per share compared with a net loss of $335 million or loss of $1.71 per share in the prior-year quarter. The improvement primarily resulted from a narrower operating loss.However, adjusted net income came in at $105.7 million or 43 cents per share compared with $76.9 million or 32 cents per share in the year-ago quarter. The bottom line missed the Zacks Consensus Estimate by a penny.Top LineQuarterly net sales increased 3.9% year over year to $2,185.3 million, primarily driven by higher sales in the Broadband Networks and Venue and Campus Networks segments. The top line surpassed the consensus estimate of $2,148 million.Region wise, revenues grew in Asia Pacific (up 20.9% to $244.1 million) Caribbean and Latin America (53.5%, $190.3 million), Europe, Middle East and Africa (13.9%, $408.8 million) and Canada (36.7%, $87.9 million). This was partially offset by decline in the United States (down 7.3% to $1,254.2 million).Segment ResultsSales in Broadband Networks increased 22.3% year over year to $807.9 million, driven by growth in both Network Cable & Connectivity and Access Technologies. The segment’s operating loss was $35.1 million against an operating income of $11 million in the prior-year quarter.Sales in Outdoor Wireless Networks came in at $358.1 million, up 9% year over year, driven by growth in both Macro Tower Solutions and Metro Cell Solutions. Operating income was $64 million compared with $54.8 million a year ago.Sales in Venue and Campus Networks increased 17.6% to $562.8 million primarily driven by growth in Indoor Copper Enterprise, RUCKUS Networks and Indoor Fiber Enterprise, offset by declines in DAS and Small Cell. Operating income was $6.1 million against a loss of $24.9 million in the year-ago quarter.Sales in Home Networks totaled $456.5 million, down 28.1% year over year, due to declines in Home Media Solutions and Broadband Connectivity Devices. Operating loss was $53.4 million compared with a loss of $235.7 million in the year-ago quarter. In early April 2021, CommScope announced its plan to spin-off the Home Networks business. In the second quarter, management shifted certain product lines from the Broadband segment to the Home segment to better align with how the business is being managed in light of the spin-off.Other DetailsGross profit increased to $673.3 million from $656.1 million in the prior-year quarter. Total operating expenses decreased to $691.7 million from $850.9 million. Operating loss was $18.4 million narrower than a loss of $194.8 million in the year-ago quarter. Adjusted EBITDA was $307.7 million, up from $279.8 million.Cash Flow & LiquidityDuring the first half of 2021, CommScope generated $67.6 million of net cash from operating activities compared with $166.3 million in the prior-year period. As of Jun 30, 2021, the company had $446.2 million in cash and cash equivalents with $9,484.8 million of long-term debt.Zacks Rank & Stocks to ConsiderCommScope currently has a Zacks Rank #3 (Hold).Some better-ranked stocks in the broader industry are Clearfield, Inc. CLFD, Qualcomm, Inc. QCOM and Juniper Networks, Inc. JNPR. While Clearfield and Qualcomm sport a Zacks Rank #1 (Strong Buy), Juniper carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Clearfield delivered a trailing four-quarter earnings surprise of 49%, on average.Qualcomm delivered a trailing four-quarter earnings surprise of 13.5%, on average.Juniper pulled off a trailing four-quarter earnings surprise of 7.5%, on average. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. 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