Poly sees demand spike for its enterprise headsets, raises outlook
Despite uncertainty across the broader stock market, Plantronics is raising its outlook after seeing demand surge for its enterprise headsets. Plantronics, which acquired Polycom and now refers to itself as Poly, noted that mandatory stay-at-home orders and the resulting spike in remote work has led to increased sales of its communication headsets.
Featured
As of March 28, Poly said it had approximately six weeks of order backlog for its headsets. The increase in demand also caused channel inventories to decline in the quarter, the company said.
"Given the vital role our headsets and communications portfolio play in enabling individuals to work seamlessly from any location, our products and services have seen increased demand," said interim Poly CEO Robert Hagerty. "We have implemented enhanced safety precautions at our facilities and are actively taking steps to ensure continuity of supply as we work through the current heightened demand."
With the uptick in demand, Poly now expects Q4 GAAP revenues to be in the range of $395 million to $405 million, up from its previous range of $354 million to $394 million. The company also expects adjusted non-GAAP EBITDA to be in the range of $20 million to $45 million, above the high end of its prior guidance.