U.S. Markets open in 6 hrs 40 mins
  • S&P Futures

    3,605.00
    +3.50 (+0.10%)
     
  • Dow Futures

    28,884.00
    +83.00 (+0.29%)
     
  • Nasdaq Futures

    11,006.75
    -28.75 (-0.26%)
     
  • Russell 2000 Futures

    1,675.90
    +6.10 (+0.37%)
     
  • Crude Oil

    81.60
    +2.11 (+2.65%)
     
  • Gold

    1,671.70
    -0.30 (-0.02%)
     
  • Silver

    19.34
    +0.30 (+1.58%)
     
  • EUR/USD

    0.9800
    -0.0001 (-0.0098%)
     
  • 10-Yr Bond

    3.8040
    0.0000 (0.00%)
     
  • Vix

    31.62
    -0.22 (-0.69%)
     
  • GBP/USD

    1.1183
    +0.0017 (+0.1487%)
     
  • USD/JPY

    145.0990
    +0.3700 (+0.2556%)
     
  • BTC-USD

    19,187.35
    -137.58 (-0.71%)
     
  • CMC Crypto 200

    435.83
    -7.60 (-1.71%)
     
  • FTSE 100

    6,893.81
    +12.22 (+0.18%)
     
  • Nikkei 225

    26,215.79
    +278.58 (+1.07%)
     

Avaya Rallies on Earnings, Revenue Beat

·1 min read

By Sam Boughedda

Investing.com — Avaya Holdings Corp (NYSE:AVYA) shares strengthened 22% Monday after it reported better than expected fourth-quarter results.

The U.S. technology firm announced earnings per share of 77 cents on revenue of $760 million. Analysts polled by Investing.com anticipated EPS of 72 cents on revenue of $740.87 million.

Jim Chirico, president and CEO of Avaya, wasupbeat in his comments:

“Fiscal year 2021 for Avaya was a year marked by many firsts, and the outstanding results we delivered exceeded expectations on most every front. Most impressive is the fact that we reversed over a decade of annual revenue declines, delivering year over year growth closing up approximately $100 million, while we also grew ARR 177% to $530 million.”

Looking ahead, the company said it sees FY2022 revenue at $2.975 billion to $3.025 billion, with EPS for the period coming in at f $2.85 to $3.03. Focusing even further in the future, the company expects revenue growth in the low to mid-single-digit percent range year-over-year in fiscal 2023 and in the mid-to high-single-digit percent range year-over-year in fiscal 2024.

Earlier this month, Cowen analysts lowered the price target on Avaya shares to $33 from $40, while keeping an outperform rating, saying margin pressure will persist longer than anticipated. Avaya shares are trading near $21.88.

Related Articles

Avaya Rallies on Earnings, Revenue Beat

Washington subway system to continue reduced service through Dec. 31

GM buys 25% stake in electric boat startup Pure Watercraft