PLT - Why Plantronics Stock Soared Today
Shares of Plantronics (NYSE: PLT) soared today, closing up 18%, after the company reported fiscal first-quarter earnings. The audio technology specialist, which now goes by Poly, crushed profit expectations.
Adjusted revenue in the fiscal first quarter declined by 22% to $361 million, which led to adjusted earnings per share of $0.33. The bottom-line result was well above the $0.02 per share in adjusted profits that analysts were modeling for. Poly makes headsets and videoconferencing products for both consumer and commercial uses, and the shift to remote work during the ongoing COVID-19 pandemic is increasing demand while adversely impacting the company's supply chain.
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