The Avaya earnings report for its fiscal first quarter of 2019 has AVYA stock falling hard on Monday.
Avaya (NYSE:AVYA) reported revenue of $738 million for its fiscal first quarter of the year. This is a drop from the company’s revenue of $752 million that was reported in the fiscal first quarter of 2018. It was also a blow to AVYA stock by coming in below Wall Street’s revenue estimate of $765.06 million for the period.
“We demonstrated another quarter of operational excellence, setting records across several key performance metrics,” Jim Chirico, President and CEO of Avaya, said in a statement. “However, our revenue was impacted by a few discrete items versus our outlook, which included the federal government shutdown.”
The Avaya earnings report for its fiscal first quarter of 2019 also includes an outlook for its second quarter of the year. The tech company says that it is expecting revenue for the quarter to range from $730 to $760 million. That’s bad news for AVYA stock with Wall Street looking for revenue of $761.09 million in the fiscal second quarter of 2019.
Avaya also notes that it is expecting revenue for its fiscal full year of 2019 to come in between $3.01 billion and $3.12 billion. That’s not a bad outlook for AVYA with analysts’ estimating fiscal 2019 revenue of $3.08 billion, but it didn’t help the company’s stock today.
AVYA stock was down 10% as of Monday afternoon, but is up 21% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.