The telecommunications-equipment maker reported a loss of $34 million, or 31 cents a share, compared with a profit $268 million, or $2.41 a share, a year ago.
Analysts polled by FactSet were expecting a loss of six cents a share.
Revenue fell to $723 million from $735 million a year earlier. Analysts had expected $747 million of revenue in the quarter.
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comments:
They changed accounting methods
Mr. Chirico added, "Successfully concluding the strategic review process provided a decisive go forward path and, as a result, we announced three important initiatives to accelerate growth and deliver shareholder value. First, the partnership with RingCentral is a game changer for Avaya and is expected to fundamentally change the industry landscape. Second, we expect to begin to execute against our previously announced $500 million stock repurchase program shortly, and third, we have already completed the pay down of $250 million of debt that will result in significant annual interest expense savings and further enhance our balance sheet."
