Why Shares of Plantronics Are Crashing Today [The Motley Fool]
PLANTRONICS (PLT)
Last plantronics earnings: 2/4 04:05 pm
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investor.plantronics.com
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Source: The Motley Fool
Why Shares of Plantronics Are Crashing Today A major inventory write-down will nearly wipe out future-quarter profits. 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. The company, which is rebranding itself postmerger as Poly, said that during its current quarter, it expects to reduce channel inventory by about $65 million by reducing sales to
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