Plantronics Stock Price, News & Analysis

Poly (NYSE: POLY) reported strong fiscal Q1 results with revenues up by 20% year-over-year, reaching $431 million, driven by a 94% increase in Video demand and a 34% rise in Voice technology. The company entered an OEM agreement with a PC manufacturer and was recognized as a finalist for the Microsoft Partner of the Year award. However, GAAP gross margin fell to 40.6%, down from 43.9%. Despite operational challenges, Poly expects Q2 revenues between $420M and $440M, with non-GAAP diluted EPS guidance of $0.50 to $0.70.

On July 15, 2021, Poly (NYSE: POLY) announced the grant of equity awards to Warren Schlichting, appointed as Executive Vice President and Chief Operating Officer effective June 14, 2021. These awards include 28,125 restricted stock units (RSUs) vesting over three years and 65,625 performance stock units (PSUs) tied to the company's fiscal year 2022 performance metrics. The awards comply with NYSE Rule 303A.08, necessitating public announcements for inducement grants. This strategic appointment and associated equity awards aim to enhance leadership effectiveness at Poly.

Poly (NYSE: POLY) announced it will release its first quarter fiscal year 2022 financial results on July 29, 2021, after market close. A conference call will take place the same day at 2 PM Pacific / 5 PM Eastern to discuss the results. Investors can access the call via the Investor Relations website. The company specializes in advanced audio and video products for effective communication.

Poly (NYSE: POLY) announced on June 15, 2021 the execution of an interest rate hedge transaction aimed at minimizing the risk of rising interest rates. This hedge will fix the rate on much of its floating-rate term loan at 2.9% effective July 30, 2021, replacing a prior hedge at 5.3%. CFO Chuck Boynton stated this move, alongside earlier bond refinancing, significantly reduces interest rate risks, leading to a more predictable expense structure that will enhance shareholder value.

Poly has announced an investment and partnership with CLIPr, a video analysis platform, to enhance productivity via AI-driven video indexing. This collaboration aims to utilize CLIPr’s services for managing recorded video assets like global sales meetings. With a significant rise in virtual meetings, the partnership addresses the challenges of video fatigue and inefficiencies. CLIPr’s platform processes videos to highlight key moments, optimizing content retrieval and follow-ups, ultimately improving employee performance and meeting experiences.

Poly (NYSE: POLY) appointed Warren Schlichting as Executive Vice President and Chief Operating Officer, effective June 14, 2021. Schlichting, the first COO under CEO Dave Shull, will manage product units and corporate strategy while championing Poly's Low Carbon Solutions. His extensive experience includes leadership roles at Sling TV and DISH, where he drove profitability and forged key partnerships. This appointment aims to bolster Poly's growth ambitions and enhance operational capabilities amid ongoing shifts in global communication needs.

Poly has been awarded the 2021 Global Product Leadership Award by Frost & Sullivan for its innovative Blackwire 8225 corded UC headsets. These headsets feature hybrid active noise cancelation and Acoustic Fence technology, designed for effective communication in hybrid work environments. With four digital microphones, users can select different ANC settings to manage noise levels. The headsets provide all-day comfort and are available with USB-A and USB-C connectivity. Frost & Sullivan recognizes products that exhibit exceptional innovation and market acceptance.

Poly (NYSE: POLY) has officially changed its ticker symbol from 'PLT' to 'POLY', effective May 24, 2021. This transition marks a significant milestone in Poly's journey, coinciding with its 60th anniversary. CEO Dave Shull emphasized the new ticker reflects the company's commitment to providing comprehensive communication solutions. Shareholders do not need to take any action regarding this change, as the stock will continue being listed on the NYSE with the same CUSIP number. To celebrate, Shull will ring the NYSE closing bell on the same day.

Poly (NYSE: PLT) will change its ticker symbol to 'POLY' effective May 24, 2021, as part of a rebranding strategy. This update marks a significant milestone as Poly celebrates its 60th anniversary. The company, previously known as Plantronics and Polycom, has traded under PLT since 1994. CEO Dave Shull emphasized that this change reflects Poly's commitment to delivering premium audio and video products to enhance communication. No action is required from shareholders regarding the ticker change, as the common stock will continue to be traded on the NYSE with the same CUSIP.