Avaya Holdings Corp. (AVYA) declined in the current market after the company announced its results for the first quarter of 2022. AVYA values at $13.85, losing more than 22.39% compared to yesterday’s closing price. The stock closed at $17.84 at the end of the last trading session. The stock volume traded in the last trading session was around 1.25 million shares. The current market cap of the company is around $1.25 billion.
AVYA: Q1 Key Financials
- Avaya Holdings Corp. (AVYA) announced revenue of $713 million in the first quarter of 2022.
- The company’s GAAP operating loss was around $1 million. The company recorded a non-GAAP operating income of $102 million.
- Avaya Holdings Corp. (AVYA) GAAP net loss was around $66 million. The company recorded a non-GAAP net income of $40 million.
- AVYA GAAP diluted loss per share was around $0.79 in the first quarter of 2022. The company recorded non-GAAP earnings per share of $0.42.
- As of Q1 2022, the company had cash and cash equivalents of $354 million.
AVYA CEO’s remarks
Avaya’s President and CEO Jim Chirico stated that Avaya OneCloud ARR grew 137 percent year over year, driven by our enterprise segment and contact center solutions. Demand remains strong, especially among large corporations. This quarter, the company closed over 100 deals worth over $1 million. OneCloud Public CCaaS handle a huge worldwide financial services company worth $400 million.
Conclusion
The future outlook of Avaya Holdings Corp. (AVYA) seems promising. The company expects revenue between $730 million to $745 million in the second quarter of 2022. The company expects $2.9 to $3 billion in revenue in fiscal 2022. The financial statement also indicates that the company has gained numerous business clients in the first quarter of 2022. Avaya Holdings Corp. (AVYA) expects an increase in the business and market share in fiscal 2022. They are keen on achieving the set targets.
