Avaya (AVYA) up 11% pre-market on fiscal Q4 earnings
14:23, 22 November 2021
Avaya stock rose on Monday as the cloud communications company posted analyst-beating earnings.
For the three months to 30 September, net income fell to $6m (£4.5m) from $37m a year earlier. Revenue rose 3.5% to $760m from $755m in the fourth quarter of fiscal 2020.
Adjusted earnings per share (EPS) fell to 77 cents from 93 cents in the prior-year period. GAAP EPS came to 6 cents compared with 39 cents in the same period a year ago.
Analysts were expecting earnings of 72 cents on revenue of $738.7m, according to figures widely available on financial news sites.
Stock up 11%
In pre-market trading on the NYSE, shares were up 11% at $20.
“This year marked a real and substantive milestone for the company, and I could not be prouder of the performance or more thankful for the commitment of our customers and partners and performance of our global team as we have navigated a purposeful and deliberate journey of transformation to be an enterprise cloud leader,” Avaya CEO Jim Chirico said in a press release.
During the fourth quarter, total contract value reached $2bn.
What is your sentiment on MSFT?
The company also provided guidance for the current first quarter. It sees adjusted earnings of 63 cents to 75 cents per share with revenue in the range of $725m to $745m.
Avaya is known for its range of office phones and voice-over-IP phone systems as well as cloud communications services.
In August, Avaya announced a strategic relationship with Microsoft on their cloud offerings.