Why Poly Stock Just Crashed 7.5% Despite Beating Earnings

Shares of Poly (NYSE: PLT) stock dropped 7.5% in 12:20 p.m. EDT trading Friday even while beating earnings soundly last night. Earlier this spring, the company changed its ticker symbol to POLY on the New York Stock Exchange (NYSE). Poly was formerly known as Plantronics and Polycom, which used PLT as its ticker symbol. However, in Security Exchange Commission (SEC) filings, the company is officially identified as Plantronics.

Expected to report a $0.46 pro forma profit on less than $420 million in sales in the fiscal first quarter of 2022, the communications equipment manufacturer instead reported a surprise $0.60 profit on sales of $432 million.

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