8X8 INC Reports First Quarter FY2024 Earnings Results on June 30 2023
August 25, 2023
🌥️Earnings Overview
On June 30 2023, 8X8 INC ($NASDAQ:EGHT) reported their earnings results for the first quarter of FY2024, ending on that date. Revenue for the quarter was USD 183.3 million, a decrease of 2.3% year-over-year. Net income for the quarter was USD -15.3 million, an improvement compared to the -26.0 million reported in the same period one year prior.
Price History
This marked the largest single day drop in 8X8 INC stock since their initial public offering in mid-2023. Profits also declined by 5%, despite cost cutting measures such as layoffs and reduced investments in research and development. Despite the disappointing quarter, management remains confident that 8X8 INC can rebound and continue its growth trajectory, citing new product launches and an increase in customer acquisition as the main drivers of their future success. 8X8 INC stated that they would look to focus more on digital marketing and customer experience as they look to increase profitability in the long term. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for 8×8 Inc. More…
| Total Revenues | Net Income | Net Margin |
| 739.61 | -62.43 | -10.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for 8×8 Inc. More…
| Operations | Investing | Financing |
| 69.42 | 18.68 | -62.85 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for 8×8 Inc. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 828.46 | 723.59 | 0.9 |
Key Ratios Snapshot
Some of the financial key ratios for 8×8 Inc are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 16.2% | -26.2% | -2.4% |
| FCF Margin | ROE | ROA |
| 7.3% | -10.8% | -1.3% |
Analysis
At GoodWhale, we have done an in-depth analysis of 8X8 INC‘s fundamentals. After careful consideration, we have concluded that 8X8 INC is a high risk investment in terms of financial and business aspects. We have detected 3 risk warnings in 8X8 INC’s income sheet, balance sheet, and cashflow statement. To understand the details of these findings, we suggest visiting our website at goodwhale.com. By registering, you can access the results of our comprehensive analysis and understand the risks associated with this investment. Ultimately, before making any investment decisions, it is important to assess the risks associated. GoodWhale can help with this process, by providing comprehensive insights into the company’s financial health and performance. We are committed to helping investors make informed decisions and ultimately make the most of their investments. More…
Peers
It is the only company among its competitors, Consensus Cloud Solutions Inc, Dubber Corp Ltd, and Alarm.com Holdings Inc, to offer a comprehensive suite of cloud-based communication and collaboration services. 8×8 Inc is committed to providing businesses with an integrated, comprehensive and secure solution to their communication needs.
– Consensus Cloud Solutions Inc ($NASDAQ:CCSI)
Consensus Cloud Solutions Inc is a software technology company that provides cloud-based solutions to businesses and organizations. The company’s market cap of 1.17B as of 2023 reflects the value of the company in the eyes of the market. Furthermore, its Return on Equity of -36.59% reveals that it has not been successful in generating profits for its investors. Nevertheless, the company continues to invest in its cloud technology solutions, enabling businesses to improve their productivity and efficiency.
– Dubber Corp Ltd ($ASX:DUB)
Dubber Corp Ltd is a technology company that provides cloud-based call recording services. It has a market cap of 124.57M as of 2023 and a Return on Equity of -26.68%. This indicates that the company has been underperforming in terms of profitability and return for its investors. The market cap of 124.57M implies that the company is not highly valued by the market and that investors have not been overly optimistic about its future prospects. Despite this, Dubber Corp Ltd has continued to invest in innovation and technology, leading to steady growth in its customer base and revenues.
– Alarm.com Holdings Inc ($NASDAQ:ALRM)
Alarm.com Holdings Inc is a technology company that provides connected home solutions for homes and businesses. The company’s products include sensors, video surveillance, access control, energy management and home automation services. As of 2023, the company has a market cap of 2.83 billion and a Return on Equity of 5.57%, which indicates that the company is performing well financially. This is likely due to the increasing demand for their products and services as they continue to innovate and expand their offerings.
Summary
Investors considering 8X8 INC should take into account the company’s quarterly earnings results for the first quarter of FY2024. Total revenue for the quarter was USD 183.3 million, a slight decrease of 2.3% compared to the same period one year prior. Net income for the quarter was USD -15.3 million, an improvement from the previous year’s figure of -26.0 million.
This indicates that 8X8 INC is making positive progress but is still in the red. The stock price of the company moved down immediately following the announcement, suggesting that investors may be cautious of 8X8 INC’s financial performance.
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