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AudioCodes Hits a Three-Year Low as It Restructures Operations

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.

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