Stock Alert: Plantronics Gains On Increased Outlook

(RTTNews) - Shares of communications equipment maker Plantronics, Inc. (PLT) gapped up 9% at $13.44 Wednesday morning after the company raised its fourth-quarter revenue outlook.

The company currently sees revenue in the range of $395 million to $405 million in the fourth quarter compared with its previous view of $354 million to $394 million, due to the increased demand for its enterprise headsets and other products amid the coronavirus outbreak-related stay-at-home and work-from-home orders. On average, 5 analysts polled by Thomson Reuters expected the company to report earnings of $357.67 million for the quarter.

However, the company's Board has decided to suspend the quarterly dividend to preserve financial flexibility.

PLT is currently at $12.46, up 1.18%. It has traded in the range of $4.60- $53.92 in the past one year.