Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Paul Singer Raises Mitel Networks Corporation (MITL) Stake To 6.7%

At the end of April this year, Mitel Networks Corporation announced the completion of its acquisition of Mavenir Systems Inc. for $650 million in cash and stock, which served as a move towards growing the company further on rather than achieving synergies in its existing cloud services business. The transaction led to the creation of a global leader in converged IP communications for enterprises, service providers and mobile operators. Mavenir specialized in supporting mobile service providers with voice, video, messaging, and mobile core services over 4G-LTE cellular networks, so its acquisition gave Mitel the opportunity to capitalize on increasing demand for 4G LTE services. However, it might take a little while until Mitel exploits all the benefits of the acquisition, which might actually serve as a significant boost for the company’s growth.

In the meantime, Mitel Networks Corporation delivered non-GAAP revenues of $292.3 million for the second quarter, compared to $291.7 million reported for the same period a year ago. Simultaneously, the company’s non-GAAP earnings per share came at $0.18, compared to $0.21 posted a year ago. It’s also worth noting that Mitel anticipates revenues in the range of $275 million to $300 million during the third quarter and non-GAAP EPS is expected to be in the range of $0.07 to $0.12.

Disclosure: None

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading...