Avaya Holdings (AVYA) Q2 Revenue Misses Views, Engaged J.P. Morgan to Evaluate Strategic Alternatives

(Updated - May 9, 2019 7:39 AM EDT)

Avaya Holdings (NYSE: AVYA) reported Q2 EPS of ($0.12), $0.87 worse than the analyst estimate of $0.75. Revenue for the quarter came in at $709 million versus the consensus estimate of $748.81 million.

GUIDANCE:

Avaya Holdings sees 2019 revenue of $2.925-2.975 billion, versus the consensus of $3.07 billion.

"Our topline results and earnings fell short of expectations," said Jim Chirico, President and CEO of Avaya. "In response, we have implemented a number of corrective actions to drive improved performance. While I'm disappointed in our results last quarter, overall, I remain confident about our path forward given the momentum and traction we are seeing in many segments of our business including cloud, services and emerging technologies."

Mr. Chirico added, "Following the receipt of expressions of interest, the Company has engaged J.P. Morgan to assist in exploring strategic alternatives intended to maximize shareholder value. The Board has not set a timetable for the process nor has it made any decisions related to any strategic alternatives at this time. There can be no assurance that the exploration of strategic alternatives will result in any particular outcome. The Company does not intend to provide updates unless or until it determines that further disclosure is necessary."

For earnings history and earnings-related data on Avaya Holdings (AVYA) click here.

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