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8x8 declines after cloud-based voice company reports 3Q loss

Total revenue increased 19% year-over-year to $89.9 million, beating the $88.26 million average estimate of analysts

A cloud
The company supplies cloud-based voice, video and contact center services

8x8 Inc (NYSE:EGHT) fell in extended trading Tuesday after the cloud-based provider of voice, video and contact center services reported a third-quarter loss.

For the three months ended December 31, the company posted a net loss of $5.5 million, or $0.06 per diluted share, matching the average estimate of analysts That compares with net income of $0.02 per diluted share a year earlier.

The shares declined 9.4% to $17.50 in after-hours trading.

READ: Mphasis makes $25 million acquisition in tech services company to boost its cloud-based offerings

The San Jose, California-based company reported that total revenue increased 19% year-over-year to $89.9 million, beating the $88.26 million average estimate of analysts.

"We delivered a solid quarter of overall growth,” CEO Vik Verma said in a statement.

The company updated total revenue guidance from a range of $347 million to $352 million to a range of $351 million to $352 million, representing 18% to 19% year-over-year growth.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

Quick facts: 8x8 Inc

Price: 36.73 USD

NYSE:EGHT
Market: NYSE
Market Cap: $3.91 billion
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