Polycom -2.4% AH on mixed results; $200M buyback launched

A 6% Y/Y drop in Polycom's (NASDAQ:PLCM) UC Group Systems (group videoconferencing hardware, 66% of total revenue) sales to $218.5M contributed to its Q2 revenue miss.

UC Personal Devices (individual systems, 16% of revenue) sales grew 5% to $53.6M, and UC Platform (software, 18% of revenue) sales fell 2% to $59.9M.

Americas revenue (51% of total) -4% Y/Y, and Asia-Pac revenue (24% of total) -10%. EMEA (25% of total) +4%.

A 40 bps Y/Y increase in gross margin to 58.8% contributed to the EPS beat. As did double-digit drops in sales/marketing and R&D spend.

A new $200M buyback has been authorized. It's good for repurchasing over 11% of shares at current levels.

Q2 results, PR

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