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Shares of Avaya Holdings(NYSE: AVYA) soared on Monday after the communications software company reported its fiscal second-quarter results. While a large non-cash goodwill impairment charge reduced earnings, revenue came in ahead of expectations. The stock was up 28.6% at 1:50 p.m. EDT.
Avaya reported second-quarter revenue of $682 million, down 3.8% year over year but about $59 million higher than the average analyst estimate. Products revenue was down 14.6% to $245 million, while services revenue rose 3.6% to $437 million.