Plantronics (NYSE:POLY) stock spiked today after the company reported better-than-expected second-quarter results.
The tech stock's shares soared by as much as 24.5% this morning but were up 10.1% as of 11:32 a.m. EDT.
Plantronics, which operates under the Poly brand, reported adjusted diluted earnings per share of $0.93, which beat Wall Street's consensus estimate of $0.48 per share. Additionally, the company's second-quarter sales of $411 million outpaced analysts' consensus estimate of $376 million.
Dave Shull, Poly's CEO, said on the investor call:
I view today's results as the first step in a multi-quarter effort to turn around Poly. We have more work to do, but many of the foundational pieces are in place. My goal is to focus the organization immediately on rapid execution on the points above while also positioning us for a strategically differentiated position post-COVID.
Investors clearly believed in the direction the company is headed and pushed up the company's shares this morning.
Plantronics' stock has experienced some wild price swings this year and even with the company's share price jump this morning the company's stock is still down 22.6% year to date. Considering that the company's stock has been so volatile this year, and the fact that Plantronics' shares jumped 25% and then fell back down to a 10% gain in a matter of hours, investors may want to be cautious when considering investing in the company right now.