Today, 5:57 PM
- ShoreTel (SHOR -2.2%) has risen 3.7% after hours following fiscal Q1 results where it squeezed out a profit, beating expectations for a loss.
- Overall revenue fell 4.2% and missed, though all gross margin lines expanded for the second straight quarter. And hosted revenue became the biggest of the revenue lines.
- "Although the product revenue decline was greater than we anticipated, we have and will make the necessary cost adjustments to our financial model as our business transforms to a recurring revenue model," says CEO Don Joos.
- Revenue breakout: Product, $31.85M (down 23.3%); Hosted and related services, $35.6M (up 21.2%); Support and services, $18.8M (down 1.5%).
- For the out quarter, the company is guiding to revenue of $84M-$90M (vs. consensus for $89.6M), non-GAAP gross margin of 63.5%-64.5% and non-GAAP operating expenses of $56M-$57M.
- Press Release
Today, 4:26 PM
Yesterday, 5:35 PM
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Fri, Sep. 16, 10:46 AM
- ShoreTel (SHOR -0.1%) and Mitel Networks (MITL -0.4%) are expected to pick up deal talks again, with Mitel taking another shot at an acquisition, CTFN reports.
- That's despite counter-indications from Mitel chief Richard McBee.
- But reasons for the deal haven't changed, CTFN sources say: Pressure remain for mid-sized equipment vendors against bigger competitors, and a few bad quarters may turn up the pressure on the two.
- “Who else is Mitel going to acquire?” asked an industry banker. “RingCentral’s (RNG +0.4%) too expensive. Mitel and ShoreTel aren’t profitable and they need to find synergies and increase EBITDA.”
Thu, Aug. 4, 4:36 PM
Wed, Aug. 3, 5:35 PM
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Thu, Apr. 28, 4:31 PM
- ShoreTel (NASDAQ:SHOR): FQ3 EPS of -$0.06 misses by $0.02.
- Revenue of $85.24M (+0.6% Y/Y) misses by $3.31M.
Wed, Apr. 27, 5:35 PM
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Wed, Apr. 6, 8:28 PM
- Unified communications provider ShoreTel (SHOR +1.6%) has launched a cloud-based voice service in Australia under its own brand.
- The company offered what's now ShoreTel Hosted Voice under the brand of M5 Networks Australia, but has now fully integrated M5 and launched enhancements.
- The service is a fully managed IP solution, with full features including voicemail, unified messaging, click to dial, mobility and audio conferencing services along with optional add-ons.
- Along with the rollout, ShoreTel is opening a new office in Melbourne tomorrow. The cloud communications market will generate $650M in revenues in Australia by 2020, the company says.
- Now read Intel Becomes More Transparent, WhatsApp Embraces Encryption, Amazon Preps A New Kindle »
Thu, Jan. 28, 4:09 PM
- ShoreTel (NASDAQ:SHOR): FQ2 EPS of $0.10 beats by $0.05.
- Revenue of $90.4M (-0.5% Y/Y) beats by $0.23M.
Wed, Jan. 27, 5:35 PM| Wed, Jan. 27, 5:35 PM | 9 Comments
Dec. 21, 2015, 5:01 PM
- ShoreTel (NASDAQ:SHOR) is buying Corvisa, a provider of cloud-based contact center and business phone system software, as well as SIP trunking services, for $8.5M in cash. The deal is expected to close in the March quarter.
- ShoreTel, which rebuffed a buyout offer from VoIP/unified communications peer Mitel last year, says the deal will lift its FY17 (ends June '17) hosted revenue growth to ~30%. It expects Corvisa's APIs and SDKs to increase third-party app integration for ShoreTel's ecosystem, and notes the purchase increases the company's contact center presence and allows it to enter the SIP trunking market.
Oct. 22, 2015, 4:18 PM
- ShoreTel (NASDAQ:SHOR): FQ1 EPS of $0.09 beats by $0.05.
- Revenue of $90.2M (-0.3% Y/Y) beats by $1.33M.
Oct. 21, 2015, 5:35 PM
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Oct. 8, 2015, 9:46 AM
- Activist Elliott Management has disclosed a 4.4% stake in videroconferencing and unified communications (UC) hardware/software vendor Polycom (PLCM +10%), and a 6.3% stake in UC peer Mitel (MITL +17.1%). Each position was worth ~$100M going into today.
- In an open letter, Elliott declares the unified communications/collaboration space is overdue for consolidation, and calls on Polycom and Mitel to merge. "The combination would double the scale of Polycom to $2.5 billion in revenue. Between Mitels $164 million of EBITDA in 2014 and $100 $150+ million of synergies available, Polycom would quickly become a $500+ million EBITDA company following a combination with Mitel. Scale provides important competitive advantages in addition to the financial benefits of greater diversification, stability and access to capital markets."
- The firm also argues Polycom faces tough videoconferencing competition from Cisco, Avaya, LifeSize (Logitech), and others - "The smaller, newer players continue to take share with cheaper and simpler products while the larger, diversified vendors use their marketing power and bundling to squeeze out companies like Polycom." - and that Mitel's Canadian incorporation could yield tax benefits.
- Elliott: "Polycom's stock can increase by over 30% to $14.75 per share by the end of 2016 and nearly 85% to $20.50 per share by the end of 2017. The best part is that we assume the exact same multiple and absolutely no improvement in revenue trajectory ... the transaction is so compelling that Polycom could pay $10.00 per share for Mitel in an all-stock transaction and still yield a 70% return by the end of 2017 and a 95% return by the end of 2018."
- Also: Elliott notes it has a stake in another UC product provider, ShoreTel (SHOR +0.9%). Mitel made a failed attempt to acquire ShoreTel last year; Elliott argues a deal between the two still makes sense.
Aug. 26, 2015, 4:21 PM
- The Nasdaq has closed its latest ultra-volatile day up 4.2%. Chip stocks, hit hard in recent weeks amid China/inventory concerns, were among the standouts (SOXX +5%) during the rally: Big gainers included Nvidia (NVDA +7.5%), Skyworks (SWKS +6.9%), Qorvo (QRVO +5.9%), Xilinx (XLNX +6.3%), Analog Devices (ADI +7.1%), Linear (LLTC +6.1%), SanDisk (SNDK +7.4%), ON Semi (ON +6.2%), and Cavium (CAVM +5.6%).
- Cybersecurity plays and various other enterprise tech names also did well. Standouts included HP (HPQ +5.5%), Palo Alto Networks (PANW +6%), Rackspace (RAX +9.8%), Red Hat (RHT +5.9%), KEYW (KEYW +8.1%), Brocade (BRCD +5.6%), ShoreTel (SHOR +5.7%), Violin Memory (VMEM +14.7%), and Rapid7 (RPD +7.2%).
- In addition to HP, tech large-caps turning in big gains included Apple (AAPL +5.7%) Microsoft (MSFT +5.5%), Google (GOOG +7.7%), and Intel (INTC +5.5%). Google benefited from a Goldman upgrade.
- KEYW announced a CEO change yesterday afternoon. HP and Brocade are adding to last week's post-earnings gains. Skyworks/Qorvo peer Avago has posted an FQ3 beat after the close.