By Dhirendra Tripathi
Investing.com – Plantronics (NYSE:PLT) shares plunged 24% as a weak guidance and supply chain bottlenecks spooked traders.
Absent supply shortages, the company said it believes demand would support sequential revenue growth after the March quarter. But the lack of available components like chips that go into its products could play spoilsport. It thus forecast numbers that are sequentially lower.
The company forecast GAAP net revenues in the June quarter to come between $410 million and $430 million, down almost 10% to nearly 14% from the $476 million it clocked in the March quarter.
Quarterly non-GAAP diluted EPS is seen coming anywhere between 35 cents and 55 cents, down from the March quarter’s $1.23.
The outfitter of professional-grade audio and video technology said it expected tightness to continue in its supply chain, cautioning stakeholders that even as end market demand remains strong for video and headsets, servicing it will be subject to the availability of components.