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Shares of Avaya Holdings (NYSE: AVYA) surged sharply higher Monday, jumping as much as 25%. At the end of the trading day, the stock was up 22.4%.
The catalyst that sent shares of the cloud communications software provider soaring was robust financial results that sailed past expectations.
For its fiscal fourth quarter (ended Sep. 30, 2021), Avaya delivered revenue of $760 million, up 3.8% year over year. This resulted in adjusted earnings per share (EPS) of $0.77.