AudioCodes Ltd. closed at the lowest level in almost three years after the maker of technology to enable Internet phone calls said it is restructuring operations and provided second-quarter guidance.
Shares (AUDC) of the Lod, Israel-based company slumped 7.1 percent to 6.63 shekels, the lowest level since July 2009, at the 4:30 p.m. close in Tel Aviv.
AudioCodes said the restructuring will reduce operating expenses by about 10 percent. The company said it expects second-quarter revenue to total $31 million and an adjusted loss per share compared with a profit in the same period a year ago.
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