8X8 Inc is a communications technology company that specializes in delivering cloud-based voice, video, and messaging services for businesses. The company provides a comprehensive suite of communication solutions designed to enhance collaboration and connectivity among teams, facilitating seamless interactions regardless of location. With a focus on integrating various communication channels into a single platform, 8X8 aims to simplify and improve user experiences, helping organizations enhance productivity and customer engagement in a rapidly evolving digital landscape.
Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at 8x8 (NASDAQ:EGHT) and the best and worst performers in the video conferencing industry.
8x8 currently trades at $3.10 per share and has shown little upside over the past six months, posting a middling return of 4.4%. The stock also fell short of the S&P 500’s 13% gain during that period.
Office and call centre communications software provider RingCentral (NYSE:RNG)
will be announcing earnings results tomorrow afternoon. Here’s what to expect.
Shares of business communications software company 8x8 (NYSE:EGHT)
jumped 26.3% in the morning session after the company reported strong third-quarter earnings, which blew past analysts' EBITDA and billings expectations. Management observed strong growth in the usage of existing solutions, which contributed to improved retention. The trend continues as the company also observed growth in the sales of new products.
On the other hand, its revenue guidance for next quarter missed analysts' expectations, but the market seems willing to overlook this. Overall, this quarter had some key positives.
Business communications software company 8x8 (NYSE:EGHT) reported revenue ahead of Wall Street’s expectations in Q3 CY2024, but sales fell 2.2% year on year to $181 million. On the other hand, next quarter’s revenue guidance of $172.5 million was less impressive, coming in 4.9% below analysts’ estimates. Its non-GAAP profit of $0.09 per share was also 13% above analysts’ consensus estimates.
