Correction: Earns-Polycom story
Jul. 22, 2016
SAN JOSE, Calif. (AP) — In a story July 21 about Polycom Inc.'s earnings — generated by Automated Insights using data from Zacks Investment Research— The Associated Press reported erroneously that the company's adjusted earnings were 7 cents a share and missed Wall Street expectations. The company reported adjusted earnings of 21 cents a share, which exceeded expectations.
A corrected version of the story is below:
Polycom reports 2Q loss
Polycom reports 2nd-quarter loss of $10 million
SAN JOSE, Calif. (AP) — Polycom Inc. (PLCM) on Thursday reported a second-quarter loss of $10 million, after reporting a profit in the same period a year earlier.
The San Jose, California-based company said it had a loss of 7 cents per share. Earnings, adjusted for one-time gains and costs, came to 21 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 20 cents per share.
The videoconferencing equipment maker posted revenue of $287.8 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $295 million.
Polycom shares have dropped almost 2 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $12.37, an increase of 10 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PLCM at http://www.zacks.com/ap/PLCM
Keywords: Polycom, Earnings Report