8x8, Inc. (NYSE:EGHT) reported better-than-expected results for its fourth quarter. The company said it expects Q1 sales of $120 million to $121 million, versus analysts’ estimates of $121.03 million.
The Campbell, Calif.-based company revealed total revenue increased 29.6% year-over-year to $121.5 million. Service revenue increased 30.2% year-over-year to $116.0 million. GAAP Pre-Tax Loss was $50.0 million; Non-GAAP Pre-Tax Loss was $12.7 million.
The company closed a record 42 new customer deals in the fourth quarter of fiscal 2020 with ARR (annual recurring revenue) greater than $100,000. These deals represented 34% of new bookings for the quarter. Channel bookings grew 63% year-over-year and represented 54% of new bookings.
8x8 also trumpeted its accomplishments, most notably, the launch of 8x8 Meetings Pro, a paid video conference solution powered by Jitsi, an open source community for secure video meetings technology. Jitsi.org and 8x8 video meetings solutions will run on the Oracle Cloud Infrastructure, which offers optimized cloud security and performance.
Announced 8x8 video meetings solutions are available in the Oracle Cloud Marketplace.
It also signed a strategic partnership with Virgin Media Business, one of the U.K.’s largest business data network providers, to accelerate the cloud-adoption of voice, video meetings, chat and contact center solutions to over 50,000 private and public sector businesses. Introduced 8x8 Express in the United Kingdom.
Said CEO Vik Verma, "We delivered solid fourth quarter and full-year results exceeding our guidance range, driven by continued momentum in the channel, mid-market and enterprise markets.
"During this unprecedented time, 8x8’s cloud-based communications solutions have seen a tremendous surge in usage and provide a critical service supporting customers, partners and communities to stay connected, productive and responsive in remote work environments."
Shares collapsed $2.57, or12.6%, to $17.85.
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