Why Shares of Avaya Holdings Jumped Today

Shares of Avaya Holdings (NYSE: AVYA) surged on Monday after the communications software company reported its fiscal third-quarter results. Avaya beat analyst expectations for revenue and provided guidance that was ahead of estimates. The stock was up about 15.8% at 11:50 a.m. EDT today.

Avaya reported third-quarter revenue of $721 million, up 0.6% year over year and nearly $34 million higher than the average analyst estimate. Earnings per share came in at $0.08, up from a loss of $5.70 in the prior-year period. Avaya signed 104 deals during the quarter worth over $1 million, including 7 deals that were worth over $10 million.

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Source Fool.com