Polycom (PLCM) posted better-than-expected Q2 results.
The videoconferencing company reported revenue of $295 million in revenue, and non-GAAP profits of 34 cents a share, ahead of the Street consensus at $287.5 million and 32 cents. Revenue was up from $231 million a year ago.
The company exited the quarter with $485 million in cash and no debt.
In late trading, PLCM is off 2 cents at $31.80.
Update: Polycom told investors on a conference call this afternoon that it expects Q3 revenue to be up 2%-2.5% from the second quarter, with gross margin up about 20-30 basis points sequentially, and operating margin up slightly. The top of the range would suggest revenue of $304.4 million, ahead of the Street at $297.7 million.
The company said it now sees full year revenue growth in the low 20s on a percentage basis, with operating margins of 14%-14.5%. Polycom continues to forecast operating margins to hit 20% at some point in 2011.
Update 2: Hmmm, there is clearly something here the Street doesn’t like. PLCM in late trading is now down $3.32, or 10.4%, to $28.50.
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