NEW YORK (TheStreet) -- Shares of 8x8 Inc. (EGHT) are higher by 6.15% to $7.59 early Tuesday afternoon following the company's announcement that its U.K. subsidiary 8x8 Solutions has been accepted as a cloud communications services supplier by Crown Commercial Services, a government agency.
8X8 develops and markets telecommunications services for Internet protocol telephony and video applications.
8x8 Solutions was accepted onto the CSS G-Cloud 5 framework, which is designed to encourage the adoption of cloud services across the whole of the public sector, the company said.
Separately, TheStreet Ratings team rates 8X8 INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate 8X8 INC (EGHT) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. 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 expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity."