The San Jose, CA-based video-conferencing company reported earnings of 21 cents per share on revenue of $288 million for the second quarter.
Analysts surveyed by Thomson Reuters projected earnings of 20 cents per share on revenue of $294.97 million.
Last year, the company posted earnings of 22 cents per share on revenue of $316.6 million for the second quarter.
Additionally, sales slipped year-over-year for Polycom's UC Group product in the Americas, while the company's UC Personal service revenue grew year-over-year in China.
"Polycom delivered solid operating performance despite a more challenging top line," Polycom CEO Peter Leav said in a statement. "Asia Pacific posted strong sequential growth, driven by higher revenues in China and Australia."
This month, Polycom announced it would cancel its planned merger with Mitel Networks (MITL) and would instead initiate a merger with Siris Capital Group. The private equity firm offered $12.50 per share in cash.
The deal is expected to close in the third quarter, contingent upon Polycom terminating its deal with Mitel Networks and paying a $60 million cancellation fee.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate POLYCOM INC as a Hold with a ratings score of C+. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income and disappointing return on equity.
You can view the full analysis from the report here: PLCMPLCM data by YCharts