Why Avaya's Stock Jumped 14% Today
Shares of Avaya (NYSE: AVYA) moved as much as 14.7% higher on Tuesday, following a solid earnings report. The maker of cloud-based communications tools for businesses both large and small settled in at a 14.2% gain as of 2 p.m. EDT.
Third-quarter sales came in at $717 million, 4% above the year-ago result and slightly ahead of Wall Street's consensus estimates. On the bottom line, a non-cash goodwill writedown led to a net loss of $5.70 per share. Excluding that charge and a plethora of other line items that don't relate directly to the company's day-to-day operations, Avaya held its adjusted EBITDA profits steady at $167 million. The full-year outlook for adjusted EBITDA and earnings was left unchanged.
Image source: Getty Images.
Source Fool.com
