Polycom Releases Third Quarter 2011 Results
Unified communication specialist, Polycom, Inc. has released its earnings for the third quarter ended September 30, 2011.
According to the company officials, the third quarter has been significant with revenue growth in the emerging geographies and the US Federal market, with consolidated net revenues of $379 million, compared to $308 million for the third quarter of 2010.
Whereas, the company had $24 million, or 13 cents per diluted share of GAAP net income for the third quarter of 2011, compared to $17 million, or 10 cents per diluted share, for the same period last year.
Non-GAAP net income for the third quarter of 2011 was $48 million, or 26 cents per diluted share, compared to non-GAAP net income of $34 million, or 19 cents per diluted share, for the third quarter of 2010. Note that the share and per share data for all periods presented in this release have been adjusted to reflect the two-for-one stock split that was effective July 1, 2011, according to the company officials.
According to Andrew Miller, Polycom president and CEO, their company has clearly emerged as the premier UC provider that delivers customers a seamless and secure video collaboration solution from immersive telepresence to the desktop to the world's leading mobile devices.
“Leveraging the Polycom RealPresence Platform, we believe that we are best positioned to capture the network effect of video communications being driven by the demand for real-time collaboration in the workplace and social networks. Our powerful software-based cloud and mobility strategy is beginning to take shape as evidenced by our recent partnership and acquisition announcements,” Miller added.
The company completed HP Visual Collaboration acquisition with excellent initial results and even released cloud-based software strategy, bringing secure HD video collaboration to the broadest range of business, video, mobile, and networking applications.
Polycom also announced the acquisition of ViVu, Inc., a privately- held video collaboration software company. ViVu has developed innovative video collaboration software that can be easily embedded into web applications such as enterprise, social, and vertical industry applications to enable instant web-based HD video collaboration.
Michael Kourey, Polycom's executive vice president, finance and administration, and CFO said that their company has generated significant Q3 revenue growth in the emerging geographies and the US Federal market.
Jyothi Shanbhag is a contributing editor for unified communications. To read more of Jyothi's articles, please visit her columnist page.
Edited by Jennifer Russell