Communication-equipment maker Polycom Inc. said Wednesday its second-quarter profit rose 77 percent on a mix of higher service and product sales.
For the period ended June 30, the company earned $17.8 million, or 20 cents per share, compared with $10.1 million, or 11 cents per share, last year. Excluding one-time items such as the amortization of purchased intangibles and a stock option expense, adjusted net income totaled $30.7 million, or 35 cents per share.
Revenue rose 16 percent to $271.6 million from $233.9 million.
Analysts expected profit of 36 cents per share on revenue of $265.5 million.
Shares of Polycom fell 79 cents, or 3.3 percent, to $23.55 in aftermarket trading, after closing the regular session up 69 cents at $24.34. The stock has traded between $19.47 and $36.25 over the last 52 weeks.
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