AVYA - Why Avaya Stock Fell on Wednesday
Shares of Avaya (NYSE: AVYA) fell as much as 12.5% on Wednesday morning, following a mixed fourth-quarter earnings report. The provider of call center and unified communications services had recovered to a 7.9% drop by 10:50 a.m., EST.
Avaya's sales rose 4.4% year over year to $755 million, led by a doubling of cloud-based service revenue but hampered by 14% lower hardware sales. The bottom line swung from a loss of $0.31 per share to earnings of $0.39 per share. Your average analyst had been looking for earnings near $1.20 per share on sales in the vicinity of $734 million.
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Why Avaya Stock Fell on Wednesday