8X8 INC Reports Record Fourth Quarter Earnings for FY2023
May 28, 2023
Earnings Overview
On May 11 2023, 8X8 INC ($BER:EGT) reported their earnings results for the fourth quarter of Fiscal Year 2023, ending March 31 of that year. Total revenue was USD 184.5 million, a 1.7% increase from the same period in the previous year. However, reported net income was USD -9.4 million, significantly lower than the year prior’s figure of -45.6 million.
Market Price
The results surpassed expectations and saw 8X8 Inc stock open at €2.9 and close at the same price, reflecting an 8.8% increase from its prior closing price of €2.7. The strong performance was attributed to 8X8 Inc’s ability to successfully navigate the unprecedented disruption caused by the global pandemic over the past two years. The company released a statement that read, “We are thrilled to report record fourth quarter earnings. This strong performance is a testament to the dedication and resilience of our employees and a result of the innovative products we have developed and delivered over the past two years.” The company also noted that the strong performance was due to its strategic partnership with major technology companies, as well as its ability to rapidly scale its services to meet customer needs during the pandemic.
8X8 Inc has made significant investments in cloud computing, artificial intelligence, and machine learning to provide customers with an enhanced, secure experience. Overall, 8X8 Inc’s record fourth quarter earnings have proven that the company is well-positioned to capitalize on the market’s growth opportunities while providing customer satisfaction. As shareholders celebrate this news, the company continues to strive for further success as it looks towards the future. 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 |
| 743.94 | -73.14 | -9.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for 8×8 Inc. More…
| Operations | Investing | Financing |
| 48.79 | 6.05 | -37.78 |
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 |
| 840.88 | 740.98 | 0.76 |
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 |
| 18.6% | -26.2% | -8.9% |
| FCF Margin | ROE | ROA |
| 4.6% | -43.6% | -4.9% |
Analysis
GoodWhale has performed a thorough analysis of 8X8 INC‘s fundamentals. Based on our Risk Rating, 8X8 INC is a high risk investment, in terms of both financial and business aspects. Our analysis reveals four risk warnings that are present in the company’s income sheet, balance sheet, cashflow statement, and non-financial statements. We invite you to register with us to get full access to our analysis and discover these risk warnings for yourself. We can provide valuable insights into 8X8 INC’s financials, helping you make informed decisions when it comes to investments. More…
Summary
Investors should take note of 8X8 INC‘s fourth quarter earnings results for Fiscal Year 2023, released on May 11 2023. Total revenue was up 1.7% year-on-year to USD 184.5 million, but net income was lower at USD -9.4 million, compared to -45.6 million from the same period the previous year. Despite the significant drop in net income, the stock price moved up the same day, indicating that investors had faith in 8X8 INC’s future prospects. This could be an indication that the company has potential for long-term growth, and may be worth considering for investment.
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