Avaya Holdings Corp Reports Net Loss of $2.1 Billion for Fiscal Year 2022
Annual Revenue of $2.49 Billion Recorded for the Year
Avaya Holdings Corp. [AVYAW] a leading provider of communication and collaboration solutions, has announced its financial results for the fiscal year 2022, which ended on September 30, 2022. The company reported a net loss of $2.1 billion for the year, compared to a net loss of $13 million in the previous year. Despite the challenging market conditions, Avaya recorded annual revenue of $2.49 billion, showcasing resilience in its business operations.
Financial Performance
Avaya's financial performance for the year was impacted by various factors. The company's gross profit for the year stood at $1.17 billion, representing a decline from $1.65 billion in the previous year. Operating expenses increased to $3.05 billion, resulting in an operating loss of $1.88 billion. This significant increase in operating expenses was primarily driven by asset impairment charges amounting to $1.64 billion. The company also incurred restructuring charges of $65 million during the year.
