8×8, Inc. (NYSE: EGHT), a leading integrated cloud communications platform provider, today reported financial results for the second quarter of fiscal 2023 ended September 30, 2022.
Second Quarter Fiscal 2023 Financial Results:
- Total revenue increased 24% year-over-year to $187.4 million, including Fuze revenue of $28.4 million.
- Service revenue increased 25% year-over-year to $178.6 million, including Fuze revenue of $27.9 million.
- GAAP operating loss was $25.0 million, compared to operating loss of $37.2 million in the second quarter of fiscal 2022.
- Non-GAAP operating profit was $9.1 million, an increase of 368% compared to non-GAAP operating profit of $1.9 million in the second quarter of fiscal 2022.
“Our second quarter results reflected our increased emphasis on profitability and cash flow generation. Non-GAAP gross margin was above 70% and non-GAAP operating profit and operating cash flow exceeded our expectations,” said Dave Sipes, 8×8 Chief Executive Officer. “As a result, we are once again raising our non-GAAP operating margin targets for the year and believe we have line of sight to double-digit operating margins on a non-GAAP basis in fiscal 2024.”