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Shares of technology systems and software provider Avaya (AVYA - Get Report) plunged on Thursday after the company missed on fiscal second-quarter revenue targets and lowered its full-year guidance.

Avaya stock dropped more than 13% to $15.94 on the New York Stock Exchange after the Santa Clara-based company posted a loss of $13 million, or 12 cents a share, in its fiscal second quarter vs. a loss of $130 million, or $1.18 a share, in the year-earlier quarter.

Analysts polled by FactSet had been expecting the company to post earnings of 75 cents a share. Revenue rose to $709 million from $672 million a year ago.

"Our top-line results and earnings fell short of expectations," CEO Jim Chirico said in a statement. "In response, we have implemented a number of corrective actions to drive improved performance."

Among the corrective actions is engaging JPMorgan "to evaluate strategic alternatives to maximize shareholder value," the company said - suggesting that previous indications of interest from a private equity firm may no longer be on the table.

Reuters in late March reported that Avaya's board was evaluating an offer from a private-equity firm that valued it at more than $20 a share.

Avaya emerged from bankruptcy protection in late 2017. It was spun off from Lucent Technologies in 2000, which used to be part of AT&T.