Avid shares dive on disappointing sales

Avid Technology Inc.’s shares tumbled after the Tewksbury company reported third-quarter earnings. Avid, which makes editing equipment, reported sales of $153.7 million, missing the average analysts’ estimate by nearly 3 percent. The company lost $16.2 million, or 43 cents per share, vs. a loss of $66.4 million, or $1.80, a year ago. Excluding items, Avid earned 2 cents per share. Reuters reported that Avid’s audit panel is looking into revenue recognition on certain product shipments. Avid said correcting the errors may not effect its financial statements.