8x8 Q3 2024 Earnings Report
Key Takeaways
8x8 reported its Q3 fiscal year 2024 financial results, achieving total revenue of $181 million and service revenue of $175 million. The company met its guidance ranges for service and total revenue and exceeded its non-GAAP operating margin guidance. Cash flow from operations increased 45% year-over-year to $22.4 million.
Total revenue was $181.0 million, compared to $184.4 million in the third quarter of fiscal 2023.
Service revenue was $175.1 million, compared to $175.8 million in the third quarter of fiscal 2023.
GAAP operating loss was $9.4 million, an improvement of 48.1% compared to GAAP operating loss of $18.1 million in the third quarter of fiscal 2023.
Non-GAAP net income was $14.8 million, an increase of 78.5% compared to non-GAAP net income of $8.3 million in the third quarter of fiscal 2023.
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8x8 Revenue by Segment
Forward Guidance
The company provided financial outlook for the fourth quarter of fiscal year 2024 ending March 31, 2024.
Positive Outlook
- Service revenue is expected to be in the range of $171 million to $175 million.
- Total revenue is expected to be in the range of $176 million to $181 million.
- Non-GAAP operating margin is expected to be approximately 10%.