Earnings To Watch: 8x8 (EGHT) Reports Q3 Results Tomorrow
Business communications software company 8x8 (NYSE:EGHT) will be reporting results tomorrow after market close. Here's what to look for.
Last quarter 8x8 reported revenues of $185 million, down 1.3% year on year, in line with analyst expectations. It was a weak quarter for the company, with underwhelming revenue guidance for the next quarter.
Is 8x8 buy or sell heading into the earnings? Read our full analysis here, it's free.
This quarter analysts are expecting 8x8's revenue to decline 0.6% year on year to $183.4 million, a deceleration on the 17.5% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.10 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company missed Wall St's revenue estimates four times over the last two years.
Looking at 8x8's peers in the productivity software segment, only ServiceNow has so far reported results, delivering top-line growth of 25.6% year on year, and beating analyst estimates by 1.5%. The stock traded up 1.1% on the results.
Read our full analysis of ServiceNow's earnings results here.
There has been positive sentiment among investors in the productivity software segment, with the stocks up on average 6.1% over the last month. 8x8 is up 1.9% during the same time, and is heading into the earnings with analyst price target of $4.2, compared to share price of $3.7.
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The author has no position in any of the stocks mentioned.
