8x8, Inc. (EGHT) Reports In-Line Q3 EPS

8x8, Inc. (NYSE: EGHT) reported Q3 EPS of ($0.17), in-line with the analyst estimate of ($0.17). Revenue for the quarter came in at $118.6 million versus the consensus estimate of $114.1 million.

“8x8’s third quarter was another strong performance, with record revenue growth of 32%. Our X Series platform continues to resonate strongly with the market, driving enterprise ARR year-over-year growth of 85%. In fact, all of our top 10 deals were bundled platform deals. And we are seeing acceleration in large customers migrating off of legacy solutions, with four of our top ten wins coming from Avaya replacements.”

“As we continue to accelerate revenue growth, we took the opportunity to align our operations and go-to-market growth initiatives with a more optimal global footprint and cost structure. And as we pass a $500+ million revenue run rate in the near term, we are tracking to profitability exiting the coming fiscal year.”

“Earlier today, we announced new strategic partnerships with four prominent UK-based VARs: Softcat, Computacenter, Charterhouse and NSL. These relationships further extend our global footprint and bring compelling value to customers and partners. This complements our very successful channel master-agent referral program which we expect to continue to grow bookings in excess of 50% year-over-year. When combined with CloudFuel, our strategic partnership with ScanSource and Poly, our channel strategy creates a unique opportunity for 8x8 to partner with both the channel master-agent referral partners and the VAR community as we displace over 350 million on-premises seats from legacy players including Avaya and Mitel.”

GUIDANCE:

8x8, Inc. sees Q4 2020 revenue of $118.9-119.4 million, versus the consensus of $119.61 million.

For earnings history and earnings-related data on 8x8, Inc. (EGHT) click here.

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