Earnings roundup: Polycom's CEO resigns; Compuware, Broadcom also report

Summary:Polycom's CEO resigned suddenly amid "irregularities" on his expense report.

It was busy in Silicon Valley and on Wall Street after the bell on Tuesday with Apple , AT&T , and VMware fighting over the spotlight.

Alongside its own Q2 report, Juniper Networks even announced its CEO is stepping down .

But Juniper wasn't alone in that regard. Let's get started.

Polycom reported a second quarter net income of $5 million with earnings of three cents per share (statement). Non-GAAP earnings were 15 cents per share on a revenue of $345 million.

Wall Street was looking for earnings of 14 cents per share on a revenue of $341.43 million.

But the bigger piece of news is that CEO Andy Miller has resigned.

The unified communications company's interim CEO and president Kevin Parker provided remarks this round, accrediting the successful quarter to the U.S. enterprise and voice-related divisions.

Then he clarified what happened to Miller, who apparently resigned on July 19 after the company's audit committee from the board of directors found "certain irregularities in Mr. Miller’s expense submissions, for which Mr. Miller accepted responsibility."

Here's more from Parker:

Andy Miller’s resignation under these circumstances is disappointing and should not be viewed as a reflection of the financial integrity of the company, the strength of our team or our plans for the future. I look forward to working with the Polycom team, partners and customers to drive our strategy forward, and we thank Andy for his four years of service.

For the third quarter, Wall Street expects Polycom to deliver earnings of 16 cents per share on a revenue of $355.49 million.

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Broadcom reported a second quarter net loss of $251 million, or 43 cents per share (statement). Non-GAAP earnings were 70 cents per share on a revenue of $2.09 billion.

While that's up by 4.2 percent from the previous quarter and up six percent from the same time last year, it was still below analysts' revenue target.

Wall Street was looking for earnings of 68 cents per share on a revenue of $2.1 billion.

CEO Scott McGregor reflected on the quarter in prepared remarks:

Broadcom delivered solid revenue and gross margins in Q2 with tightly managed sequential growth in operating expenses. This combination of financial discipline and in-line revenue enabled us to deliver non-GAAP earnings per share ahead of First Call consensus. Looking forward, we see continued growth driven by our industry leading portfolio of wired and wireless communication platforms.

For the third quarter, Wall Street expects Broadcom to deliver earnings of 76 cents per share on a revenue of $2.25 billion.

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Compuware reported a fiscal first quarter net income of $10 million with earnings of five cents per share (statement). Non-GAAP earnings were 10 cents per share on a revenue of $227.5 million.

Wall Street was looking for earnings of five cents per share on a revenue of $226.92 million.

CEO Robert Paul reflected on the quarter in prepared remarks with an optimistic outlook on the fiscal year ahead:

The quarter was marked by several positive developments, including the improvement of our sales pipelines, the release of key, innovative solution enhancements and the acquisition of several new, strategic customers in critical new growth areas. In addition to establishing strong momentum during the quarter, Q1 was also highlighted by the continued progress of our shareholder-creation initiatives, including the issuance of the company's first-ever quarterly cash dividend and the furthering of our cost-rationalization efforts. Regarding these efforts, we remain on track to eliminate $45 million in corporate expenses in fiscal year 2014, as part of our larger goal of eliminating a minimum of $80 million to $100 million of these costs from the business over the next two years.

For the second fiscal quarter of 2014, Wall Street expects Compuware to deliver earnings of six cents per share on a revenue of $235.03 million.

Topics: Tech Industry, Enterprise 2.0, Enterprise Software, Networking, Unified Comms

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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