Business
8x8, Inc. Reports Fourth Quarter and Fiscal Year 2023 Financial Results
Fourth quarter service revenue increased 2% percent year-over-year to $177 million Fiscal Year 2023 service revenue increased 18% percent year-over-year to
About this update from 8x8 Inc
[{"type":"text","content":"\n\nFourth quarter service revenue increased 2% percent year-over-year to $177 million\n\n\n\nFiscal Year 2023 service revenue increased 18% percent year-over-year to $710 million\n\n\n\nPositive operating cash flow of $14 million for fourth quarter and $49 million for fiscal year 2023\n\n\n\n8x8 Voice for Microsoft Teams licenses increased by nearly 100% from end of March 2022\n\n\n\nIntroduced new AI-based contact center features and tailored user experiences\n\n\n\n CAMPBELL, Calif.--(BUSINESS WIRE)--\n8x8, Inc. (NASDAQ: EGHT), a leading integrated cloud communications platform provider, today reported financial results for the fourth quarter and fiscal year 2023 ended March 31, 2023.\n\n\nFourth Quarter Fiscal 2023 Financial Results:\n\n\n\nTotal revenue increased 2% year-over-year to $184.5 million, including Fuze revenue of $26.9 million.\n\n\n\nService revenue increased 2% year-over-year to $176.6 million, including Fuze revenue of $26.7 million.\n\n\n\nGAAP operating profit was $3.5 million, compared to GAAP operating loss of $40.5 million in the fourth quarter fiscal 2022.\n\n\n\nNon-GAAP operating profit was $24.8 million, or 13.5% of revenue, compared to non-GAAP operating profit of $4.2 million, or 2.3% of revenue, in fourth quarter fiscal 2022.\n\n\n\nFiscal Year 2023 Financial Results:\n\n\n\nTotal revenue increased 17% year-over-year to $743.9 million, including Fuze revenue of $111.3 million.\n\n\n\nService revenue increased 18% year-over-year to $710.0 million, including Fuze revenue of $110.3 million.\n\n\n\nGAAP operating loss was $66.3 million, compared to a GAAP operating loss of $154.1 million in fiscal 2022.\n\n\n\nNon-GAAP operating profit was $62.4 million, or 8.4% of revenue, compared to non-GAAP operating profit of $10.6 million, or 1.7% of revenue, in fiscal 2022.\n\n\n\n“Fiscal 2023 was a year of milestones for 8x8 as we continued to invest in innovation while increasing our profitability and cash flow,\" said Samuel Wilson, 8x8 Interim Chief Executive Officer. \"We achieved record service and total revenue, completed the integration of Fuze operations, extended the global coverage of our communications platform, and introduced platform wide integration of generative AI from OpenAI.”\n\n\n\"Our financial performance improved through the year as we achieved greater efficiency across our operations. Si...