Business
8x8, Inc. Reports Second Quarter Fiscal 2023 Financial Results
Service Revenue increased 25% year-over-year Gross margin as a percent of revenue increased 6 percentage points and gross profit increased more than 35% from
About this update from 8x8 Inc
[{"type":"text","content":"\n\nService Revenue increased 25% year-over-year\n\n\nGross margin as a percent of revenue increased 6 percentage points and gross profit increased more than 35% from prior year\n\n\nCash flow from operations up 171% to $13.8 million\n\n\nEnterprise ARR increased 42% year-over-year to $401 million\n\n\n \n\n CAMPBELL, Calif.--(BUSINESS WIRE)--\n8x8, 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.\n\nSecond Quarter Fiscal 2023 Financial Results:\n\n\nTotal revenue increased 24% year-over-year to $187.4 million, including Fuze revenue of $28.4 million.\n\n\nService revenue increased 25% year-over-year to $178.6 million, including Fuze revenue of $27.9 million.\n\n\nGAAP operating loss was $25.0 million, compared to operating loss of $37.2 million in the second quarter of fiscal 2022.\n\n\nNon-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.\n\n\n\"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, 8x8 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.\"\n\n\"We believe we can achieve these results while continuing to invest in innovation on our XCaaS platform and providing an outstanding customer experience that enables our customers to make every interaction an opportunity to delight. Our unified XCaaS platform delivers this advantage to customers at a lower total cost of ownership,\" added Sipes.\n\nSecond Quarter Fiscal 2023 Financial Metrics and Recent Business Highlights:\n\nFinancial Metrics\n\n\nAnnual Recurring Subscriptions and Usage Revenue (ARR):\n\n\nTotal ARR grew to $692 million, an increase of 25% from the end of the same period last year.\n\n\nEnterprise ARR of $401 million increased 42% year-over-year and represented 58% of total ARR.\n\n\n1,291 customers generated ARR greater than $100,000, compared to 871 at the end of the second qua...