8x8, Inc. (EGHT) saw its loss widen to $2.92 million, or $0.03 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.08 million, or $0.01 a share. On the other hand, adjusted net income for the quarter stood at $5.11 million, or $0.05 a share compared with $3.19 million or $0.03 a share, a year ago.
Revenue during the quarter grew 15.97 percent to $66.49 million from $57.33 million in the previous year period. Gross margin for the quarter expanded 505 basis points over the previous year period to 77.45 percent. Operating margin for the quarter stood at negative 5.54 percent as compared to a negative 5.18 percent for the previous year period.
Operating loss for the quarter was $3.69 million, compared with an operating loss of $2.97 million in the previous year period.
However, the adjusted operating income for the quarter stood at $4.65 million compared to $3.15 million in the prior year period. At the same time, adjusted operating margin improved 150 basis points in the quarter to 7 percent from 5.50 percent in the last year period.
"In fiscal 2017, 8x8 continued to demonstrate leadership in penetrating the mid-market and enterprise business segments with a client roster of nearly 3,000 enterprises, including 10 Fortune 500 companies. We could not have achieved this without the focused and disciplined investments we have made over the past few years in technology innovation, quality of service and global service delivery and support," said 8x8 CEO Vik Verma.
For financial year 2018, 8X8 projects revenue to be in the range of $296 million to $300 million .
Operating cash flow improves
8x8, Inc. has generated cash of $28.48 million from operating activities during the year, up 20.84 percent or $4.91 million, when compared with the last year.
The company has spent $22.19 million cash to meet investing activities during the year as against cash outgo of $36.30 million in the last year.
Cash flow from financing activities was $1.60 million for the year as against cash outgo of $7.25 million in the last year period.
Cash and cash equivalents stood at $41.03 million as on Mar. 31, 2017, up 22.20 percent or $7.45 million from $33.58 million on Mar. 31, 2016.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
