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AudioCodes Hits a Three-Year Low as It Restructures Operations

July 11 (Bloomberg) -- 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 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.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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