Business
8x8, Inc. Reports Third Quarter Fiscal 2020 Financial Results
Service revenue growth of 32% year-over-year Enterprise ARR grew 85% year-over-year Contact center bookings increased 90% year-over-year SAN JOSE,
About this update from 8x8 Inc
[{"type":"text","content":"\nService revenue growth of 32% year-over-year\n\n\nEnterprise ARR grew 85% year-over-year\n\n\nContact center bookings increased 90% year-over-year\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\n8x8, Inc. (NYSE: EGHT), a leading integrated cloud communications platform, today reported financial results for the third quarter of fiscal 2020 ended December 31, 2019.\n\n\nThird Quarter Fiscal 2020 Financial Results Highlights:\n\n\n\nTotal revenue increased 31.9% year-over-year to $118.6 million.\n\n\nService revenue increased 32.2% year-over-year to $113.6 million.\n\n\nGAAP Pre-Tax Loss was $46.8 million; Non-GAAP Pre-Tax Loss was $16.3 million.\n\n\n\nQuotes from Vik Verma, Chief Executive Officer:\n\n\n“8x8’s third quarter was another strong performance, with record revenue growth of 32%. Our X Series platform continues to resonate strongly with the market, driving enterprise ARR year-over-year growth of 85%. In fact, all of our top 10 deals were bundled platform deals. And we are seeing acceleration in large customers migrating off of legacy solutions, with four of our top ten wins coming from Avaya replacements.”\n\n\n“As we continue to accelerate revenue growth, we took the opportunity to align our operations and go-to-market growth initiatives with a more optimal global footprint and cost structure. And as we pass a $500+ million revenue run rate in the near term, we are tracking to profitability exiting the coming fiscal year.”\n\n\n“Earlier today, we announced new strategic partnerships with four prominent UK-based VARs: Softcat, Computacenter, Charterhouse and NSL. These relationships further extend our global footprint and bring compelling value to customers and partners. This complements our very successful channel master-agent referral program which we expect to continue to grow bookings in excess of 50% year-over-year. When combined with CloudFuel, our strategic partnership with ScanSource and Poly, our channel strategy creates a unique opportunity for 8x8 to partner with both the channel master-agent referral partners and the VAR community as we displace over 350 million on-premises seats from legacy players including Avaya and Mitel.”\n\n\nQ3 F2020 Business Metrics and Highlights:\n\n\nFinancial and Business Metrics\n\n\n\nBookings greater than $100K ARR: The Company closed 40 new customer deals in the third quarter of f...