News

Polycom’s quarterly earnings beat estimates

Polycom’s earnings for the first quarter of 2013 have beaten analysts’ expectations, at $0.13 earnings per share, $0.02 higher than the original estimate.

According to its latest report, released on April 23rd, revenue for the quarter stood at $338.8 million. This also beat estimates, which stood at $336.2 million – although the actual revenue level showed a two per cent year-on-year drop. Net profit dropped by over $10 million when compared to Q1 2012, too.

Regardless of the drops, Goldman Sachs’ analysts have upgraded Polycom’s share rating from ‘neutral’ to ‘buy’, utahpeoplespost.com reports – potentially making them more attractive to investors.

The company, which manufactures a range of video conferencing and telecommunications products, also confirmed its operating expenses for the first quarter. These total $199.5 million, up slightly on 2012’s figure of $190.3 million.

Polycom’s chief executive officer, president and director, Andrew M. Miller, said he was “extremely proud” of Q1’s figures. Making reference to a “solid financial performance”, he told seekingalpha.com that Polycom saw particularly strength in America’s enterprise market during the first three months of 2013.

He went on to reiterate Polycom’s company ethos: “At Polycom, our vision is to make video collaboration truly ubiquitous. To deliver on this video, our strategy is to make video collaboration simple to use and available to everyone.”