RTTNews | Oct 30, 2020 09:53AM EDT

09:53 Friday, October 30, 2020 (RTTNews.com) - Shares of Plantronics (PLT), also known as 'Poly' since its merger with Polycom, are currently trading at $21.32, up $2.33 or 12.27% Friday morning. Trading volume is rising over 998K versus an average volume of 884K shares. The company issued upbeat outlook for the third quarter, while reporting better-than-expected Q2 results.

The company's second-quarter GAAP net loss was $0.33 per share compared to a loss of $0.65 per share last year. On a non-GAAP basis, earnings totaled $0.93 per share versus $1.24 per share in the prior year period.

GAAP revenue for the quarter declined to $411 million from $462 million last year. Non-GAAP revenue decreased to $415 million from $470 million generated a year ago.

Analysts polled by Thomson Reuters expected earnings of $0.48 per share on revenue of $375.74 million for the quarter. Analysts' estimate typically exclude certain special items.

Q3 Guidance

For the third quarter, the company expects non-GAAP earnings to be in the range of $0.85 - $1.05 per share, on GAAP net revenue of $417 million - $447 million, and non-GAAP revenue of $420 million - $450 million. Five Wall Street analysts estimate earnings of $0.47 per share on revenue of $381.18 million for the quarter.

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