AVYA

Shares of technology company Avaya Holdings Corp. (NYSE: AVYA) plunged 57% on Friday after it reported preliminary results for the fiscal third quarter (ended June 30) and announced the ouster of CEO Jim Chirico. Meanwhile, Avaya has also lowered its projections for the third quarter. The company now expects revenues between $575 million and $580 million, compared to the previous guidance of $685 million and $700 million. It expects adjusted EBITDA to be around $50 million to $55 million against $140 million to $150 million anticipated earlier. The North Carolina-based company also anticipates a significant goodwill impairment charge during the quarter.
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