Why Plantronics Stock Tumbled Today
Shares of Plantronics (NYSE: PLT) are slumping today, down by 10% as of 12:40 p.m. EDT, after the audio products company reported preliminary results for the fiscal fourth quarter. While Plantronics beat analyst expectations, a steep revenue decline, significant non-cash impairment charges, and weak guidance hobbled the stock. Plantronics reported fourth-quarter adjusted revenue of $409 million, down 16% year over year but $24.7 million higher than the average analyst estimate.
