8x8, Inc. (EGHT) Tops Q3 EPS by 2c
8x8, Inc. (NASDAQ: EGHT) reported Q3 EPS of $0.05, $0.02 better than the analyst estimate of $0.03. Revenue for the quarter came in at $53.2 million versus the consensus estimate of $52.04 million.
“8x8 executed another solid quarter, posting a 94% increase in new monthly recurring revenue sold to mid-market and enterprise customers and by channel sales teams. We continued to demonstrate the effectiveness of our global and multi-channel growth strategies, capturing larger customers and demonstrating our leadership position in the fast-growing UCaaS industry,” said 8x8 CEO Vik Verma. “I am extremely pleased with how our team is executing across the board, from the increasing productivity of our sales organization to the dedication and success of our global deployment teams.”
“Our service revenue from the mid-market and enterprise segment grew 53% year-over-year and now constitutes 50% of our total service revenue,” Verma continued. “Given our continued progress moving upmarket, we are once again revising our fiscal 2016 revenue outlook upward to a range of $205 million to $207 million, which represents a 26%-27% year-over-year increase, from our previous outlook of $204 million to $206 million. Due to the strong growth in our service revenue, we are also increasing our guidance for non-GAAP net income as a percentage of revenue to approximately 6%-7% for the full fiscal year.”
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