Poly Announces First Quarter Fiscal 2023 Financial Results

Poly (NYSE: POLY), a global outfitter of professional-grade audio and video technology, today announced first quarter results for the period ended July 2, 2022.

GAAP revenues for fiscal Q1 were $416M, a 4% year-over-year decline driven primarily by supply chain constraints impacting all product categories. Headset revenue of $176M and Voice revenue of $65M grew 2% and 7% year over year, respectively, while Video revenues of $123M and Services revenue of $52M declined -11% and -14%, respectively.

Geographically for fiscal Q1, Americas revenue of $225M was down 1%, EMEA revenue of $120M was down 5%, and APAC revenue of $71M was down 8% from the prior year.

Fiscal Q1 GAAP gross margins of 40.4% and non-GAAP gross margins of 44.9% were fundamentally flat from the prior year quarter, as higher average selling prices were offset by unfavorable product mix and continued elevated component and logistics costs associated with supply chain disruptions.