Polycom Records 24 Percent Year-Over-Year Growth to $366 Million
Polycom, a global provider of unified communications (UC), reported consolidated net revenues of $366 million for the second quarter ended June 30, 2011, compared to $295 million for the second quarter of 2010.
GAAP net income for the second quarter of 2011 increased to $29 million, or 16 cents per diluted share, from $13 million, or 7 cents per diluted share, for the same period last year.
The company reported net revenues of $710 million for the six months ended June 30, 2011 as compared to $571 million for the first six months of 2010.
Polycom’s GAAP net income for the six months ended June 30, 2011 was $63 million, or 34 cents per diluted share, compared to GAAP net income of $18 million, or 10 cents per diluted share, for the same period last year.
“Q2 was a hallmark quarter for Polycom, both in terms of strategic achievement and financial accomplishments,” said Andrew Miller, president and CEO, Polycom, in a statement. “We made significant progress with our key partners through the Polycom Open Collaboration Network, experienced significant acceleration in the adoption of our UC Intelligent Core network infrastructure solutions.”
During the second quarter, Polycom announced the acquisition of HP's Visual Collaboration business which is expected to close later this month.
The company also expanded its strategic alliance with Microsoft through an upcoming launch of the Polycom CX7000 unified collaboration system that natively integrates with Microsoft's Lync platform.
The UC major also announced the launch of open video exchange cloud with AT&T, BT Conferencing, Telefonica, Verizon, and other global service providers, enabling B2B and B2C video communications and the network effect of video adoption worldwide.
Recently, Polycom announced the launch of new video offerings designed for small and medium-sized businesses (SMBs). With the new video offerings, SMBs can purchase, install, and operate high-quality, business-grade video collaboration solutions from Polycom.
Rajani Baburajan is a contributing editor for unified communications. To read more of Rajani's articles, please visit her columnist page.
Edited by Rich Steeves