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Sep 30, 2023
8x8 Q2 2024 Earnings Report
Reported second quarter fiscal year 2024 financial results.
Key Takeaways
8x8 reported total revenue of $185 million and service revenue of $178 million. GAAP operating loss improved by 89.7% and non-GAAP operating profit increased by 162% year-over-year. The company saw continued momentum in AI-powered solutions, including over 50% quarter-over-quarter growth in self-service conversations through 8x8 Intelligent Customer Assistant.
Total revenue was $185.0 million, compared to $187.4 million in the second quarter of fiscal 2023.
Service revenue was $177.8 million, compared to $178.6 million in the second quarter of fiscal 2023.
GAAP operating loss was $2.6 million, an improvement of 89.7% compared to GAAP operating loss of $25.0 million in the second quarter of fiscal 2023.
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.
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8x8 Revenue by Segment
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Service Revenue
CapyFin.com Forward Guidance
Management provides expected ranges for total revenue, service revenue and non-GAAP operating margin based on its evaluation of the current business environment.
Positive Outlook
- Service revenue in the range of $173 million to $178 million for Q3 2024.
- Total revenue in the range of $180 million to $186 million for Q3 2024.
- Non-GAAP operating margin in the range of 11% to 12% for Q3 2024.
- Service revenue in the range of $701 million to $711 million for fiscal year 2024.
- Total revenue in the range of $732.5 million to $742.5 million for fiscal year 2024.
Challenges Ahead
- Non-GAAP operating margin in the range of 12% to 13% for fiscal year 2024.
- The Company does not reconcile its forward-looking estimates of non-GAAP operating margins to the corresponding GAAP measures of GAAP operating margin due to the significant variability of, and difficulty in making accurate forecasts and projections with regards to, the various expenses it excludes.
- Future hiring and employee turnover may not be reasonably predictable.
- Stock-based compensation expense depends on variables that are largely not within the control of nor predictable by management, such as the market price of 8x8 common stock, and may also be significantly impacted by events like acquisitions, the timing and nature of which are difficult to predict with accuracy.
- Our increased emphasis on profitability and cash flow generation may not be successful.