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Stock in the News: 8×8 (NYSE: EGHT)

Phillip Rigdon

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On Monday, Shares of 8×8 (NYSE: EGHT) rose 0.26% to $19.20. The stock recorded $18.65 as its minimum price and hit the max level of $19.30, during its most recent trading session. It traded total volume of 1,013,067 shares higher than the average volume of 806.22K shares.

8×8, Inc. (EGHT), a leading provider of cloud phone, meeting, collaboration, and contact center solutions, recently stated financial results for the fourth quarter and fiscal full-year ended March 31, 2018.

Fourth Quarter Fiscal 2018 Financial Results:

  • Revenue: Service revenue increased 20% year-over-year to $75.30M. Adjusting for constant currency, service revenue increased 19%. Total revenue increased 19% year-over-year to $79.30M. Adjusting for constant currency, total revenue increased 18%. Service revenue from mid-market and enterprise customers increased 29% year-over-year and represented 60% of total service revenue.
  • GAAP net loss was $13.30M or ($0.14) per diluted share.
  • Non-GAAP net loss was $2.90M or ($0.03) per diluted share.
  • Cash generated from operating activities was $2.70M.

Full-Year Fiscal 2018 Financial Results:

  • Revenue: Service revenue increased 19% year-over-year to $280.40M. Adjusting for constant currency and the suspended revenue from the non-core, voice broadcasting segment of DXI, service revenue increased 19%. Total revenue increased 17% year-over-year to $296.50M. Adjusting for constant currency and the suspended revenue from the non-core, voice broadcasting segment of DXI, total revenue increased 17%.
  • GAAP net loss was $104.50M or ($1.14) per diluted share, inclusive of two special items in the third fiscal quarter. The special items were: 1) $71.0M of non-cash, non-recurring tax charges as a result of the Tax Cuts and Jobs Act and the Company’s decision to record a valuation allowance against its deferred tax assets; and 2) $9.0M non-cash, non-recurring impairment of goodwill and other assets related to UK EasyContactNow.
  • Non-GAAP net income was $5.90M, or $0.06 per diluted share, excluding special items.
  • Cash Flow: Cash generated from operating activities was $22.0M. Cash, restricted cash and investments were $160.0M at March 31, 2018.

Financial Outlook:

Full Year Fiscal 2019 Financial Outlook under ASC 606:

  • Service revenue in the range of $333.0M to $338.0M, representing about 19% to 21% year-over-year increase. Excluding DXI revenue, service revenue growth in the range of 21% to 22%.
  • Total revenue in the range of $347.0M to $352.0M, representing about 17% to 19% year-over-year increase.
  • Non-GAAP pre-tax loss in the range of $13.0M to $17.0M.

First Fiscal Quarter 2019 Financial Outlook:

  • Service revenue in the range of $77.0M to $78.0M, representing about 18% to 20% year-over-year increase. Excluding DXI revenue, service revenue growth in the range of 20% to 21%.
  • Non-GAAP pre-tax loss in the range of $4.0M to $5.0M.

EGHT has the market capitalization of $1.73B and its EPS growth ratio for the past five years was -52.70%. The return on assets ratio of the Company was -32.90% while its return on investment ratio stands at -49.40%. Price to sales ratio was 5.83 while 75.20% of the stock was owned by institutional investors.

I am Phillip Rigdon and I focus on breaking news stories and ensuring we IRN Post offer timely reporting on some of the most recent stories released through market wires about “Technology” sector. I have formerly spent over 3 years as a trader in U.S. Stock Market and is now semi-stepped down.

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