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Avaya Plunges After Posting Loss, Revenue Miss and Lower Guidance

M. Corey Goldman

Avaya stock dropped more than 13% to $15.94 on the New York Stock Exchange after the Santa Clara-based company posted a loss of $13 million, or 12 cents a share, in its fiscal second quarter vs. a loss of $130 million, or $1.18 a share, in the year-earlier quarter. Among the corrective actions is engaging JPMorgan "to evaluate strategic alternatives to maximize shareholder value," the company said - suggesting that previous indications of interest from a private equity firm may no longer be on the table. Reuters in late March reported that Avaya's board was evaluating an offer from a private-equity firm that valued it at more than $20 a share.