Polycom Back to Growth in Q3
Polycom reported its Q412 financial results. Although sales were down nine percent compared to the same quarter last year, the news was generally better than expected. Sales in Q4 were $353 million, while profits at 17 cents actually beat expectations by two cents.
Polycom has been on the defensive against video darlings Blue Jeans, Vidyo, and Vidtel - all of which are significantly smaller firms disrupting the industry. In response, Polycom unveiled an aggressive product strategy last October, some of which has been delivered with significant portions promised for this current quarter. It is a significant transformation as Polycom weans itself off hardware technologies with a slew of new software-based solutions.
Details from Polycom's results include a geographic breakdown of the revenue:
- 50 percent Americas, or $175.2 million, an increase of two percent sequentially and a decrease of three percent year-over-year;
- 26 percent Europe, Middle East, and Africa (EMEA), or $93.4 million, an increase of 19 percent sequentially and a decrease of 10 percent year-over-year; and
- 24 percent Asia Pacific, or $84.4 million, a decrease of two percent sequentially and a decrease of 18 percent year-over-year.
By product line, inclusive of its service component, consolidated net revenues from continuing operations for the fourth quarter of 2012 were comprised of:
- UC Group Systems of $238.2 million, an increase of five percent sequentially, and a decrease of eight percent year-over-year;
- UC Personal Devices of $46.8 million, an increase of two percent both sequentially and year-over-year; and
- UC Platform of $68.0 million, an increase of six percent sequentially and a decrease of 15 percent year-over-year.
CEO Andy Miller called specific attention to its recent deal with AT&T and its ongoing partnership with Microsoft as significant deals that promise significant revenue ahead.
For 2013, Polycom's strategic priorities are:
- Increase product and service revenue and increase market share over its competitors.
- Expand gross and operating margins via software-based solutions such as CloudAXIS.
- Grow revenue with service providers and system integrators (such as Microsoft, AT&T, and IBM).
Eric Brown, COO, predicted that company would return to growth in Q3 and Q4.
On a personal note, I've had the opportunity to use to the new Polycom VVX-600 IP phone, and I am significantly impressed with it. It is fairly compact with a big-sounding speakerphone. It is priced competitively and offers a wide touchscreen, Bluetooth radio, and an optional camera. It is the first new phone from Polycom in years that has my attention.
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