Avaya’s shares jumped 15 percent after sales beat expectations. This means shares in the outfit have almost doubled in 2020.
The outfit’s third quarter revenue of $721 million was much better than the predicted $687 million. GAAP Operating income was $53 million and Non-GAAP Operating income was $164 million and Net income was $9 million.
Chief Executive Officer Jim Chirico said: “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 per cent – beating the record set this past March.”
Chirico said: “Response to our Subscription offering continues to be strong, with just over $200 million of TCV having been booked since its launch back in in the first quarter. This offering differentiates Avaya within the enterprise segment and answers a very clear demand from our customers for flexibility, access to our latest innovations and to provide a seamless path to move to the cloud at a time and pace they choose.”
