PLT - Why Shares of Plantronics Are Down Today
Shares of Plantronics (NYSE: PLT) were down 22% on Thursday as investors had time to digest the headset and videoconferencing hardware manufacturer's updated guidance. The company in the near term appears to be one of the beneficiaries of the pandemic-forced work-from-home movement, but at least one big Wall Street bank sees trouble on the horizon.
Plantronics, which goes by Poly, on Wednesday raised its fiscal fourth-quarter revenue guidance to a range of $395 million to $405 million, up from $354 million to $394 million, citing increased demand for its headsets.
"Widespread mandatory stay-at-home orders across the globe have created a surge in the number of individuals working from home or from remote locations," the company said. "Correspondingly, Poly saw a near-term increase in demand for its enterprise headsets."