Stock

8×8 shares up 2% on earnings beat, strong guidance

CAMPBELL, Calif. – 8×8, Inc. (NASDAQ:EGHT) saw its shares jump 2% in after-hours trading on Monday after the cloud communications provider reported better-than-expected second quarter results and issued upbeat guidance.

The company posted adjusted earnings per share of $0.09 for the quarter ended September 30, beating analyst estimates of $0.08. Revenue came in at $181 million, surpassing the consensus forecast of $178.38 million.

8×8’s service revenue, which makes up the bulk of its total revenue, was $175.1 million in Q2, down slightly from $177.8 million in the same quarter last year. However, the company highlighted that sales of new products increased more than 60% YoY, led by AI-based solutions.

“We are pleased to report a solid quarter, with results that reflect the early signs of success of our investments in innovation and our transformation strategy,” said Samuel Wilson, Chief Executive Officer at 8×8.

Looking ahead, 8×8 provided Q3 revenue guidance of $177-182 million, compared to analyst expectations of $181 million. For the full fiscal year 2025, the company forecasts revenue between $714-727 million, versus the consensus estimate of $720 million.

The company also reported its 15th consecutive quarter of positive cash flow from operations, underscoring its improving financial position. 8×8 reduced its total debt by over $173 million, or 32%, over the past two years.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

This post appeared first on investing.com

You May Also Like

Editor's Pick

Sen. JD Vance (R-Ohio) and Minnesota Gov. Tim Walz (D) will face off Tuesday night at a CBS News vice-presidential debate in New York....

Latest News

A North Korean defector who escaped to the South more than a decade ago was detained after attempting to cross back into North Korea...

Economy

A U.N. human rights group confirmed Hamas’ leader in Lebanon, who was recently killed by Israeli strikes, was their employee.  Fateh Sherif was killed...

Investing

Astron (ASX:ATR) and Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) have completed the establishment of a joint venture to advance the Australia-based Donald rare earths and mineral sands...

Disclaimer: balanceandcharge.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 balanceandcharge.com

Exit mobile version