Work-From-Home Headset Surge ‘Depleted’ Poly’s Inventory; Stock Falls
The increase in demand for Poly headsets induced by COVID-19 stay-at-home orders was “so strong” in March and April it “depleted” inventories, said interim CEO Bob Hagerty on a fiscal Q4 call Wednesday. The former Plantronics markets wired and Bluetooth…
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headsets, plus videoconferencing solutions. Q4 ended March 28. The company expanded “dual sourcing” of high-volume headsets and “secured additional capacity at our contract manufacturers,” the CEO said. Poly still expects to exit Q1 late June “with an elevated backlog” of headset orders, he said. Supplies of some of the highest-volume headsets “may not be fully caught up” even through fiscal Q2, said Chief Financial Officer Chuck Boynton. The stock closed down Thursday 14% at $12.53.