AudioCodes Sinks as Forecast Below Mistaken EstimateLeon Lazaroff
AudioCodes Ltd., the Israeli developer of Internet calling software, declined the most in four months in New York after forecasting 2013 profit that fell short of a mistaken estimate issued by Oppenheimer & Co.
Shares of AudioCodes, based in Lod, Israel, dropped 6.9 percent to $3.51 in U.S. trading, the biggest one-day slump since Sept. 27. Trading volume was almost seven times the stock’s daily average over the past three months, according to data compiled by Bloomberg. AudioCodes fell 1 percent to 13.38 shekels in Tel Aviv, or the equivalent of $3.59.
AudioCodes Chief Financial Officer Guy Avidan said today on an investor conference call that the company’s 2013 adjusted earnings-per-share are expected to be between 10 cents and 14 cents. In a Nov. 5 note, Oppenheimer analyst Andrew Uerkwitz said AudioCodes would report 2013 adjusted earnings of 16 cents per share.
The estimate that appeared in the report was “my mistake,” Uerkwitz said by phone today from Miami, adding that Oppenheimer’s actual projection, which was corrected on a database accessible to clients, was for earnings of 10 cents a share.
Uerkwitz is the only analyst with a recommendation on AudioCodes listed on Bloomberg. He rates the stock the equivalent of hold.