8×8, Inc. (NYSE: EGHT), a leading integrated cloud communications platform provider, today reported financial results for the first quarter of fiscal 2023 ended June 30, 2022.
First Quarter Fiscal 2023 Financial Results:
- Total revenue increased 26% year-over-year to $187.6 million, including Fuze revenue of $29.5 million.
- Service revenue increased 30% year-over-year to $179.2 million, including Fuze revenue of $29.3 million.
- GAAP operating loss was $26.8 million, compared to operating loss of $38.8 million in the first quarter of fiscal 2022.
- Non-GAAP operating profit was $10.1 million, compared to non-GAAP operating profit of $1.3 million in the first quarter of fiscal 2022. Non-GAAP operating profit in the first quarter of fiscal 2023 was increased by approximately $3 million in unusual items.
“Our first quarter results reflect our increased emphasis on profitability and cash flow generation, as well as strength in XCaaS, 8×8 Voice for Teams, high retention of Fuze customers, and continued global expansion of the enterprise base,” said Dave Sipes, 8×8 CEO. “Our progress on these strategic initiatives, combined with our focus on driving operational efficiency, creates the foundation for sustainable growth and increasing profitability in the future. We believe this will deliver value to all our stakeholders – customers, partners, employees, and shareholders.”