PLT - Why Plantronics Stock Tumbled Today
Shares of Plantronics (NYSE: PLT) are slumping today, down by 10% as of 12:40 p.m. EDT, after the audio products company reported preliminary results for the fiscal fourth quarter. While Plantronics beat analyst expectations, a steep revenue decline, significant non-cash impairment charges, and weak guidance hobbled the stock.
Plantronics reported fourth-quarter adjusted revenue of $409 million, down 16% year over year but $24.7 million higher than the average analyst estimate. Revenue came in above the guidance range issued by the company in February, driven in part by increased demand for enterprise headsets.
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