Polycom, Inc. (PLCM) Wednesday reported a sharp decline in profit for the first quarter on higher operating expenses. Both earnings and revenues for the quarter missed analysts' estimates.
The Pleasanton, California-based company reported a first-quarter net profit of $15.10 million or $0.08 per share, compared to $33.98 million or $0.19 per share last year.
Adjusted net income for the quarter dropped to $39.68 million or $0.22 per share from $43.23 million or $0.24 per share in the prior-year quarter. On average, 16 analysts polled by Thomson Reuters expected the company to earn $0.23 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew to $367.47 million from $344.17 million in the prior-year quarter. Fourteen analysts had a consensus revenue estimate of $371.87 million for the quarter.
Looking ahead, the company expects second-quarter net earnings in the range of $0.03 to $0.05 per share and adjusted earnings to range between $0.20 and $0.22 per share. Revenues for the second quarter are anticipated in the range of $367 million to $377 million. Analysts currently expect the company to earn $0.25 per share for the quarter, with revenues of $387.59 million.
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