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What: Shares of videoconferencing guru Polycom (Nasdaq: PLCM) are getting destroyed today, down by as much as a third at the low, after the company reported third-quarter earnings last night short of estimates.

So what: Third-quarter revenue was $379 million, which, although it showed a 23% increase, fell short of the $388.3 million that the Street was looking for. Adjusted earnings per share also came in below forecast, at $0.26 per share compared to the $0.27 consensus estimate.

Now what: The company experienced lower year-over-year revenue growth in its important enterprise customer segment. Fears that rival Cisco (Nasdaq: CSCO) has been stealing share with its videoconferencing offers are also weighing on investors. Microsoft (Nasdaq: MSFT) also recently closed its acquisition of Skype, adding to the competitive fodder. Polycom is certainly running into some headwinds, and I'm not so sure it can overcome them.

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