POLY stock fell 10.89% in after-hours on Thursday, October 28, 2021, and closed the daily trading at $21.20. However, in the regular trading session, POLY’s stock gained 0.72%. POLY shares have risen 41.52% over the last 12 months, and they have moved down 12.02% in the past week. Over the past three months, the stock has lost 23.73%, while over the past six months, it has declined 40.51%.
Let’s discuss its recent news and developments.
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POLY latest financial results announcement
On October 28, 2021, POLY announced second-quarter results for the period ended October 2, 2021.
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Q2 2022 financial highlights
- the company reported revenue of $419 million in Q2 2022 compared to $411 million in Q2 2021.
- The total cost of revenue was $239.3 million in Q2 2022 compared to $230.22 million in Q2 2021.
- GAAP gross margin was 42.9% in Q2 2022 compared to 44% in Q2 2021.
- Total operating expenses were $169.3 million compared to $173.92 million in Q2 2021.
- It suffered a net loss of $96.78 million in Q2 2022 compared to $13.4 million in Q2 2021.
- Adjusted EBITDA was $62 million in Q2 2022 compared to $69 million in Q2 2021.
FY 2022 financial outlook
For FY 2022, the company is expecting
- Revenue in the range of $1.675 billion to $1.725 billion.
- Adjusted EBITDA in the range of $220 million to $240 million.
- Non-GAAP diluted EPS in the range of $2.30to $2.70.
POLY partnership with Appspace
On October 26, 2021, POLY announced the integration of Appspace, a leading provider of workplace experience software. Appspace allows Poly Video OS device users to enable modern team communications and digital signage to add value to meeting spaces of all sizes during downtime.
Limited Edition Pink Poly Sync 20
On October 1, 2021, Poly announced a limited-edition pink Poly Sync 20 speakerphone in support of Breast Cancer Awareness Month, which will be available in October while supplies last. For every pink Sync 20 sold, the company will donate $10 to National Breast Cancer Foundation.
Partnership with Telepo
On October 1, 2021, Telepo added Poly as a strategic partner to its Telepo Alliance Program. The Alliance Program is a program that provides a Telepo system and framework to allow vendors to interop and validate their products against the latest generally available Telepo products and applications.
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Conclusion
The recent financial results were unable to impress the investors which resulted in its decline in the after-hours on Thursday. its decline can continue on Friday as well.