8X8 Inc Up 31% To $3.00 After Earnings Beat

8x8 Inc (EGHT) reported better than expected earnings this afternoon for Q2 2024.

8X8 Inc's earnings came in at an EPS of $0.14 per share, 75.00% higher than estimates for an EPS of $0.08 per share. The firm's earnings are up 180% since reporting $0.05 per share in the same period a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates.

Consensus analyst estimates were at $183.7 million. The Technology company managed to surpass those expectations for its second quarter with revenue of $185 million, a positive revenue surprise of $1.3 million (1%). The firm managed negative 1% growth year-over-year due to 8X8 Inc reporting quarterly revenue of $187.4 million in its year-ago quarter. 8X8 Inc achieved a higher earnings growth rate than revenue, signaling that the business has improved its profit margin.

The stock is up 31% to $3.00 after the report.

Despite 8X8 Inc reporting a decline in revenues, earnings increased signaling a rise in profit margins.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

Trading in the five days leading up to the report earned 8X8 Inc a Bearish Sentiment Rank from InvestorsObserver.

8X8 Inc has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 13, putting 8X8 Inc in the bottom 25% of stocks. The firm was recently trading at a 52-week low of $2.15 on October 20, 2023 and set a 52-week high on February 8, 2023 at $6.49.

8x8 Inc provides contact-center-as-a-service and unified-communications-as-a-service software applications to approximately 2.5 million users. The company's unified platform enables omnichannel communication to assist employees in communicating across voice, video, text, chat, and contact centers. Geographically, it derives a majority of revenue from the United States.