Polycom adjusted profit beats Street as cost cuts boost margins
(Reuters) - Videoconferencing equipment maker Polycom Inc (PLCM.O) reported a better-than-expected quarterly adjusted profit as cost cuts, including workforce reductions, boosted margins.
The company posted a first-quarter loss of $4 million, or 3 cents per share, compared with a profit of $2.6 million, or 1 cent per share, a year earlier.
Excluding items, it earned 18 cents per share in the three months ended March 31, beating analysts' average estimate of 15 cents per share, according to Thomson Reuters I/B/E/S.
Revenue fell 3 percent to $328.5 million, but also beat analysts' average expectation of $327.5 million.
Operating margin rose to 10.1 percent from 9.8 percent.
The company's headcount fell to 3,578 as of March 31, from 3,774 as of the end of December.
(Reporting by Abhirup Roy in Bangalore; Editing by Savio D'Souza)
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