Polycom Inc. (PLCM) climbs on quarterly financial report

Polycom Inc. (Nasdaq: PLCM) shares climbed 13% Monday to $58.66, after the supplier of video-conference systems late Thursday reported first-quarter revenue that topped estimates.

The Pleasanton, California-based company traded in volume of 2.4 million shares, almost twice their normal daily average. Thursday, it was reported that first-quarter 2011 consolidated net revenues were a record $344 million, compared to $276 million for the first quarter of 2010.

GAAP net income for the first quarter of 2011 was $34 million, or 38 cents per diluted share, compared to $5 million, or six cents per diluted share, for the same period last year.

Polycom Chief Executive Officer Andrew Miller commented, “Record results for the first quarter were driven by broad-based customer demand for Polycom’s leading UC solutions across all major geographies.”

Miller continued, “We are particularly pleased with the traction Polycom’s UC strategy is gaining within our partner and customer communities, as well as the outstanding results we continue to achieve in emerging markets such as China and India.”

Polycom, Inc.is a global leader in unified communications solutions with industry-leading telepresence, video, voice and infrastructure solutions built on open standards.

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This entry was posted on Monday, April 25th, 2011 at 12:09 pm by Glenn and is filed under Technology Stocks. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.