Stock Alert: Plantronics Shares Down After Earnings Results

(RTTNews) - Shares of communication equipment maker Plantronics, Inc. (PLT) are plunging more than 36% followed by weak third-quarter results and a grim outlook for the fourth quarter.

The quarterly results reported yesterday after the bell, dragged down the stock to $18.50, 31% down from the previous day's close of $26.88. The stock is currently trading at $17.06. The stock has been on a downtrend in the past one year, with almost 50% loss in value.

Net loss for the third quarter widened to $78.48 million or $1.97 per share from $41.73 million or $1.06 per share in the previous year. Adjusted earnings per share were $0.30 compared to $1.36 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.14 per share.

Revenues for the quarter were $384.47 million, down from $501.67 million in the comparable quarter last year. Adjusted revenue also fell to $391.60 million from $530.59 billion in the prior-year quarter. Analysts expected revenue of $400.51 million for the quarter.

For the fourth quarter, the company expects adjusted earnings to be in the range of loss $0.36 per share- earnings $0.19 per share. Adjusted revenue is expected between $360 million and $400 million. Analysts expect the company to report earnings of $0.51 per share on revenue of $441 million for the period.