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.
Image source: Getty Images.
Source Fool.com