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Comms firm 8x8 +6.6% amid 20% revenue growth

Jul. 26, 2018 5:33 PM ET8x8, Inc. (EGHT) StockBy: Jason Aycock, SA News Editor2 Comments
  • Comms firm 8x8 (NYSE:EGHT) is up 6.6% in late trading after beating expectations in its fiscal Q1 report where revenue gains hit 20% and the loss wasn't as bad as expected.
  • Net loss on a GAAP basis was $15M; non-GAAP, net loss was $3.5M.
  • Gross margin (non-GAAP) was 76% vs. a year-ago 78%.
  • “Accelerating bookings growth from our mid-market and enterprise customers, increasing sales velocity from our channel partners, and strong customer demand for integrated solutions enabled 8x8 to deliver solid first quarter results that exceeded both top and bottom line expectations,” says CEO Vik Verma.
  • Revenue breakout: Service, $78.1M (up 20%); Product, $5.1M (up 27.4%).
  • For Q2, it's guiding to service revenues of $80M0$81M (18-19% Y/Y increase) and a pretax loss of $4M-$5M. For the full year, it sees service revenues of $333M-$338M (19-21% Y/Y increase), total revenue of $347M-$352M (17-19% Y/Y increase, and in line with expected $350.4M)and a pretax loss of $13M-$17M.
  • Cash, restricted cash and investments came to $153M at quarter's end.
  • Press release

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