Why Shares of Plantronics Are Crashing Today
Shares of Plantronics (NYSE: PLT) fell more than 35% on Wednesday after the headset and video conferencing hardware manufacturer reported a quarterly miss and lowered expectations for future quarters. It's a difficult period for Plantronics, which is in the process of integrating its acquisition of rival Polycom.
After markets closed Tuesday, Plantronics reported fiscal second-quarter non-GAAP earnings of $1.24 per share on revenue of $462 million, falling short of analyst expectations for $1.33 per share in earnings on sales of $483 million. It was the second straight quarter of lower-than-expected revenue, which has led to a buildup in inventory ahead of a series of new product releases.
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Source Fool.com
