Polycom cuts 6 percent of work force

Polycom Inc. said it expects to report its fourth-quarter earnings per share grew at least 16 percent when it issues its results later this month and said it will also lay off about 6 percent of its work force.

The maker to communications and videoconference equipment said it expects earnings per share of 29 cents to 31 cents when it reports figures Jan. 21. That compares with a year-earlier profit of 25 cents per share.

Excluding items, the company said its adjusted profit will likely be between 39 cents and 41 cents per share. That compares with an adjusted year-earlier profit of 42 cents per share.

It forecasts revenue for the period that ended Dec. 31 to be between $263 million and $265 million.

Analysts surveyed by Thomson Reuters expect the company to earn 35 cents per share on revenue $269.4 million. Those figures typically exclude one-time items.

Meanwhile Tuesday, the company said it was cutting 150 jobs, or 6 percent of its global work force.

The cuts, most of which are effective immediately, will cause the company to take a $6.5 million charge in the first quarter.

Polycom shares rose $1.43, or 10 percent, to $15.30 in after-hours trading after ending the regular session at $13.87.