Plantronics shares soar 25% in after-hours trade as adjusted earnings top estimates

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Plantronics Inc. shares soared 25% in after-hours trade Thursday, after the audio and video conferencing products provider blew past adjusted earnings estimates for its fiscal second quarter and offered upbeat guidance for the current quarter. The company, which operates under the brand name Poly, posted a net loss of $13.405 million, or 33 cents a share, narrower than the loss of $29.910 million, or 65 cents a share, posted in the year-earlier period. Excluding $30.u7 million of estimated intangibles amortization expense, the company had EPS of 93 cents, ahead of the 47 cents FactSet consensus. Revenue fell to $411 million from $462 million, but also beat the $376 million FactSet consensus. “Poly’s products are ideally suited for the hybrid work-from-home and work-from-anywhere trends, and we are pivoting aggressively toward this opportunity,” CEO Dave Shull said in a statement, referring to the pandemic. The company is now expecting fiscal third-quarter revenue to range from $417 million to $447 million and for adjusted EPS to range from 85 cents to $1.05. The FactSet consensus is for EPS of 47 cents and revenue of $381 million. Shares have fallen 31% in the year to date, while the S&P 500 has gained 2.5%.
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