Shares of the company formerly known as Plantronics Inc.
PLT,
-1.83%,
now known as Poly, dropped in the extended session Thursday after the business audio and video products maker’s outlook fell short of Wall Street estimates. Shares dropped 14% after hours, following a 1.8% decline in the regular session to close at $36.99. The company forecast adjusted first-quarter earnings of 35 cents to 55 cents a share on revenue of $410 million to $450 million. Analysts surveyed by FactSet had estimated earnings of 82 cents a share on revenue of $441.3 million. “The global semiconductor chip shortage has impacted companies worldwide and we expect we will continue to experience ongoing tightness in our supply chain,” the company said in a statement. “End market demand remains strong for video and headsets, while voice demand is recovering.” The company reported fiscal fourth-quarter net income of $11 million, or 25 cents a share, versus a loss of $667.9 million, or $16.94 a share, in the year-ago period, when it reported a large goodwill impairment. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.23 a share, compared with 30 cents a share in the year-ago period. Revenue rose to $476.2 million from $403 million in the year-ago quarter. Analysts had forecast earnings of 93 cents a share on revenue of $455.7 million. The company also said its ticker symbol on the New York Stock Exchange will become “POLY,” replacing PLT, at the open of trading on May 24. The company officially changed its name to Poly earlier in the year.
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