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Investing.com — Avaya jumped 15% after sales beat expectations.
Third quarter revenue of $721 million compares to the forecasted $687 million. Earnings per share of 8 cents missed the estimate of 79 cents.
Shares of the digital communications company have almost doubled in 2020.
“We delivered strong quarterly results exceeding our guidance across all metrics,” said Chief Executive Officer Jim Chirico. “The company grew sequentially and year over year, which marks a major milestone for Avaya. Software and services as a percent of revenue was 89% – beating the record set this past March.”
The stock has five buy ratings, one hold and no sells, with an average price target of $15.83. according to analysts tracked by Investing.com.
