Communications business solutions provider 8×8 Inc. (EGHT) posted quarterly results and revenue growth at the end of October. Investors responded positively to the news, and stocks, adding more than 12 percent over the month, returned to growth. Although on November 9, EGHT stock dropped by -1.18% to $18.48 but was up 6.82% in over the week trading while that raise to 15.79% over a quarter.
During the mass shift of Americans to remote work due to COVID-19, the communication solutions provider has become particularly common. Furthermore, due to the cancellation of many conventional presentations and conferences, the market for connectivity and IP telephony has increased. Online activities, coordination, among other things, took place with the help of 8×8 solutions.
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Currently, 8×8 provides clients with unrestricted use of remote communication software, meeting scheduling, video recording cloud storage, YouTube live streaming services, and so on. 8×8 Solutions provide a clear web interface that makes it easy to attract new clients.
8×8 raised sales by approximately 18 percent to $129 million in the previous second quarter of fiscal year 2021. The services segment, which increased by more than 19 percent to nearly $121 million, historically provides most of the profits. The adjusted (non-GAAP) loss per share was $0.03. But 8×8 remained able to surpass Wall Street forecasts in all indicators.
8×8 management forecasts for continued double-digit growth in the third quarter. Revenue is expected to rise to $132-$ 133 million by more than 11 percent. Approximately $3 million will be the adjusted loss.
8×8 plans to generate revenue in the range of $519 million to $522 million for the full fiscal year 2021, an increase of about 16 percent year on year. For the year, the pre-tax loss is expected to be about $16 million. EGHT presumably predicts that the trend for remote work at the beginning of the year will be longer than expected. The organization hopes to boost revenue and gain with a foothold in the market for corporate communications.
On Monday, 8×8 announced that Mediterranean Shipping Company, a global leader in transportation and logistics, to transform its global communications, collaboration and customer engagement infrastructure onto a single cloud platform has selected 8×8. As per the deal MSC will be deploying the 8×8 Open Communications Platform internationally. It will also include 8×8 Voice for Microsoft Teams and will be used in by the shipping giant across 493 locations in more than 155 countries.