Bloomberg News

AudioCodes Drops Most Since 2000 on Lower Revenue Forecast

October 03, 2011

(Updates with closing share price in second paragraph.)

Oct. 3 (Bloomberg) -- AudioCodes Ltd., a maker of technology to enable internet phone calls, fell the most in more than a decade after cutting its annual revenue outlook.

Shares of the Lod, Israel-based company sank 27 percent to $2.29 on the Nasdaq Stock Market by 4 p.m. in New York, the most since December 2000. AudioCodes’ Tel Aviv stock lost 7.9 percent to 10.58 shekels, the equivalent of $2.81.

AudioCodes expects full-year revenue of $155 million to $162 million, according to a statement distributed by Globe Newswire today. The company previously forecast revenue of as much as $174 million.

--With assistance from Gwen Ackerman in Jerusalem. Editor: Emma O’Brien

To contact the reporter on this story: Tal Barak Harif in New York at tbarak@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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