AVYA - Why Avaya Stock Crashed 13% This Morning
Shares of communications software company Avaya (NYSE: AVYA) dropped 13.1% through 10:55 a.m. EDT Thursday after the company reported a small earnings miss -- but a much bigger miss on guidance -- this morning.
Heading into earnings, analysts had predicted that Avaya would earn $0.75 per share, pro forma, on sales of $717.7 million in its fiscal Q2 2021. As it turned out, Avaya beat that revenue number, reporting sales of $738 million, but fell just short of analysts' earnings target, delivering a per-share profit of only $0.74 per share.
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Why Avaya Stock Crashed 13% This Morning