News

8×8 (EGHT) reported quarterly earnings of {TRESC}.13 per share, falling short of the Zacks Consensus Estimate of {TRESC}.14 per share. This represents a decrease from earnings of {TRESC}.09 per share in the same period last year. The figures have been adjusted for non-recurring items. The earnings surprise for the quarter is -7.14%.

In the previous quarter, analysts expected 8×8 to report earnings of {TRESC}.08 per share, but the company exceeded expectations with earnings of {TRESC}.11 per share, resulting in a positive surprise of 37.50%. In the past four quarters, 8×8 has surpassed consensus EPS estimates three times.

The company, which operates in the Zacks Internet – Software industry, reported revenues of 3.29 million for the quarter ended June 2023, missing the Zacks Consensus Estimate by 1.94%. This is a decline from revenues of 7.62 million in the same quarter last year. 8×8 has exceeded consensus revenue estimates only once in the past four quarters.

The future performance of 8×8’s stock will largely depend on management’s commentary in the upcoming earnings call. Year-to-date, 8×8 shares have gained approximately 7.6%, compared to the S&P 500’s gain of 17.7%.

As investors consider the future prospects of 8×8, it is important to analyze the company’s earnings outlook. Stock movements are often influenced by trends in earnings estimate revisions. Currently, estimate revisions for 8×8 are mixed, resulting in a Zacks Rank #3 (Hold) for the stock. This suggests that the stock is expected to perform in line with the market.

It will be interesting to see how earnings estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate for the next quarter is {TRESC}.14 on revenues of 0.04 million, while the estimate for the current fiscal year is {TRESC}.54 on revenues of 9.89 million.

The industry outlook can also impact the stock’s performance. The Internet – Software industry is currently ranked in the top 31% of more than 250 Zacks industries. Research shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1.

In the same industry, HashiCorp, Inc. (HCP) is yet to report their quarterly results. The results are expected to be released on August 31. Analysts are estimating a quarterly loss of {TRESC}.15 per share for HashiCorp, representing a year-over-year change of +11.8%. Revenues for the quarter are expected to be 8.37 million, increasing by 21.5% from the same period last year.

Investors should also consider the recommendations from Zacks Investment Research for the latest insights.

The post 8×8 (EGHT) Misses Q2 Earnings Estimates, Revenues Decline appeared first on ISP Today.