24/7 Market News Snapshot 04 November, 2024 – 8×8, Inc. Common Stock (NASDAQ:EGHT)

November 4, 2024

DENVER, Colo., 04 November, 2024 (247marketnews.com) – (NASDAQ:EGHT) are discussed in this article.
8×8, Inc. (NASDAQ:EGHT) commenced trading today at $2.23 and has shown robust bullish momentum, currently priced at $2.445, reflecting a notable increase of 11.14%. The trading volume surged to 1.82 million shares, signaling heightened investor engagement that could further enhance stock performance in the near term. Key support levels are identified around $2.20, while resistance may present itself near the $2.50 mark. Momentum indicators suggest continued strength, implying that if buying pressure persists, this upward trend may continue. Investors are advised to monitor breakout levels closely, as sustained high volume could draw additional bullish sentiment in the market.

In conjunction with this market activity, 8×8 recently revealed its financial results for the second quarter of fiscal year 2025, demonstrating a steadfast dedication to innovation and enhanced customer engagement. For the quarter ending September 30, 2024, the company reported total revenue of $181.0 million, down from $185.0 million year-over-year. Although service revenue dipped to $175.1 million from $177.8 million previously, 8×8 achieved a significant milestone with a GAAP operating income of $7.2 million, recovering from an operating loss of $2.6 million last year. However, the GAAP net loss expanded to $14.5 million compared to $7.5 million a year ago.

CEO Samuel Wilson conveyed a positive outlook, highlighting the early benefits of strategic investments in innovation. The company continued to roll out new solutions, such as the AI-driven 8×8 Active Assessor and upgrades to the 8×8 Contact Center, which enhance customer experience and global communications capabilities. Notably, 8×8 received recognition as a Leader in the 2024 Gartner Magic Quadrant for Unified Communications and Contact Center as a Service, celebrating over a decade of market leadership. Moving forward, management anticipates ongoing operational growth, with optimistic revenue projections for both the third quarter and the full fiscal year, underscoring the company’s commitment to delivering state-of-the-art communication solutions.

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