8x8 Inc (EGHT) Reports Second Quarter Fiscal 2024 Financial Results
8x8 Inc (NASDAQ:EGHT) reports a total revenue of $185.0 million, compared to $187.4 million in the second quarter of fiscal 2023.
GAAP operating loss improved by 89.7% to $2.6 million, compared to a loss of $25.0 million in the same quarter of the previous year.
Non-GAAP net income increased by 181.8% to $17.1 million, compared to $6.1 million in the second quarter of fiscal 2023.
Cash flow from operations increased 26% year-over-year to $17.5 million.
8x8 Inc (NASDAQ:EGHT), a leading integrated cloud contact center and unified communications platform provider, released its financial results for the second quarter of fiscal 2024 on November 1, 2023. The company reported a total revenue of $185.0 million, a slight decrease from $187.4 million in the second quarter of fiscal 2023. The service revenue was $177.8 million, compared to $178.6 million in the same quarter of the previous year.
Financial Performance
The GAAP operating loss was $2.6 million, an improvement of 89.7% compared to a GAAP operating loss of $25.0 million in the second quarter of fiscal 2023. The non-GAAP operating profit was $23.8 million, an increase of 162% compared to non-GAAP operating profit of $9.1 million in the second quarter of fiscal 2023. The GAAP net loss was $7.5 million compared to a GAAP net loss of $11.6 million in the same quarter of the previous year. The non-GAAP net income was $17.1 million, an increase of 181.8% compared to non-GAAP net income of $6.1 million in the second quarter of fiscal 2023.
Key Financial Metrics
The company reported an annual recurring subscriptions and usage revenue (ARR) of $707 million, an increase of 2% from the end of the same period last year. The GAAP gross margin was 69%, compared to 67% in the same period last year. The non-GAAP gross margin was 72%, compared to 70% in the same period last year. Cash provided by operating activities was $17.5 million for the second quarter of fiscal 2024, compared to $13.8 million in the same period last year.
Company's Outlook
For the third quarter of fiscal 2024, the company expects service revenue in the range of $173 million to $178 million, total revenue in the range of $180 million to $186 million, and non-GAAP operating margin in the range of 11% to 12%. For the fiscal year 2024, the company expects service revenue in the range of $701 million to $711 million, total revenue in the range of $732.5 million to $742.5 million, and non-GAAP operating margin in the range of 12% to 13%.
CEO's Commentary
I am pleased to report that we met or exceeded our guidance ranges for service revenue, total revenue, and operating margin in the second quarter, said Samuel Wilson, Chief Executive Officer of 8x8, Inc. We continue to execute on our innovation-led strategy to build a durable growth engine for the future while becoming more efficient in our operations. I believe this is how we will deliver value to all our stakeholders.
Explore the complete 8-K earnings release (here) from 8x8 Inc for further details.
This article first appeared on GuruFocus.
