Polycom Beats on EPS and Revs; Shares Flat (PLCM)

Polycom Inc. PLCM just reported earnings that beat the Street estimates. The company said that Q2 earnings came in at $0.34 per share on revenue of $295 million. This compares to the Street consensus of $0.32 per share on revenue of $287.5 million. The company said that revenues rose 27.7% year over year and that they ended the quarter with $485 million in cash and short-term investments. "We generated record revenues and growth accelerated in the second quarter, which I believe validates Polycom's strategic investments and confirms that our go-to-market strategy and innovative solutions are aligned with our customers and partners," said Andrew Miller, Polycom president and CEO. "The Polycom Open Collaboration Network, which includes other technology leaders such as Microsoft, IBM, and HP, is already driving significant revenues for our company by providing a beautifully integrated solution for our enterprise and public sector customers. We are also gaining traction with our service provider partners, as cloud-based delivery is increasingly being chosen by enterprises and other customers looking to increase their output and productivity through business-to-business unified collaboration solutions. As a result, we believe the network effect for video collaboration is becoming a reality, enabling a further extension of our solutions into small-to-medium businesses and, over time, into consumer and mobility," he added.