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: Chip shortage hurts outlook of company formerly known as Plantronics

Poly POLY, the company formerly known as Plantronics, saw its shares fall in the extended session Thursday after the business audio and video products maker said the ongoing global chip shortage would affect its business. Poly shares fell 11% after hours, following a 0.9% decline in the regular session to close at $32.72. For the current quarter, Poly forecast adjusted earnings of 50 cents to 70 cents a share on revenue of $420 million to $440 million, while analysts had estimated 73 cents a share on revenue of $446.6 million. “The global semiconductor chip shortage has impacted companies worldwide and we expect we will continue to experience ongoing tightness in our supply chain,” the company said in a statement. “In addition, as COVID-19 variants emerge, countries have taken, or may take, measures to control pandemic outbreaks, which may impact component supply and/or end-market demand.” The company reported a first-quarter loss of $36.8 million, or 88 cents a share, compared with a loss of $75 million, or $1.85 a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 60 cents a share, compared with 33 cents a share in the year-ago period. Revenue rose to $431.2 million from $355.7 million in the year-ago quarter. Analysts surveyed by FactSet had forecast 46 cents a share on revenue of $419.8 million. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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