Why 8x8 Stock Skyrocketed 27.3% on Thursday
Shares of 8x8 (NASDAQ: EGHT) closed Thursday's trading session 27.3% higher. The cloud-based business communications expert reported stellar third-quarter earnings on Wednesday evening, and the positive news fell on a wildly bullish day for the broader stock market.
8x8's sales rose 18% year over year, landing at $184.4 million. Adjusted earnings more than tripled from $0.02 to $0.07 per diluted share. The average Wall Street analyst was looking for $186.2 million and $0.03, respectively. In other words, revenue came in a bit short, but bottom-line earnings crushed the Street's expectations.
According to interim CEO Sam Wilson, the company saw its best customer-retention metrics in several years, alongside expanding profit margins and robust cash flows.
Source Fool.com
