8x8 (EGHT) Stock Rises on Q1 Earnings Beat

8x8 (EGHT) stock is advancing late Friday afternoon after the company’s earnings and revenue surpassed analysts’ expectations for the 2017 fiscal first quarter.
By Kaya Yurieff ,

NEW YORK (TheStreet) -- Shares of 8x8 (EGHT) - Get Report are gaining 2.81% to $15 on heavy trading volume late Friday afternoon after the company posted better-than-expected results for the 2017 fiscal first quarter.

After yesterday's market close, the San Jose, CA-based cloud-based software solutions company reported earnings of 6 cents per diluted share, above analysts' projections of 3 cents per share.

Revenue jumped 25% to $60 million year-over-year and was higher than Wall Street's estimates of $57.9 million.

For fiscal 2017, 8x8 forecasts revenue between $249 million and $253 million. Analysts are looking for revenue of $250.7 million.

About 1.45 million of the company's shares were traded so far today compared to its average volume of 719,732 shares per day.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance.

But the team also finds weaknesses including deteriorating net income, disappointing return on equity and feeble growth in the company's earnings per share.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: EGHT

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