Shares of 8x8 (EGHT -1.08%), a software-as-a-service provider of voice, video, and chat technologies, were tumbling today after the company released its fourth-quarter financial results on Tuesday.
As of 11:36 a.m. EDT on Wednesday, 8x8's stock was down 22%.
8x8's sales in the quarter jumped 29.6% to $121.5 million, which slightly beat analysts' consensus revenue estimate. Meanwhile, the company's adjusted loss per share of $0.12 was steeper than the $0.09 loss in the year-ago quarter, but it still beat Wall Street's consensus estimate of a loss of $0.14 per share.
Despite the revenue and earnings beat, investors weren't happy with the company's fourth-quarter results overall, causing 8x8's stock to slide significantly in the first few hours of trading.
But CEO Vik Verma was optimistic, saying, "We delivered solid fourth quarter and full-year results exceeding our guidance range, driven by continued momentum in the channel, mid-market, and enterprise markets."
Management provided guidance for its first-quarter fiscal 2021, with revenue in the range of $120 million to $121 million, which would represent about a 25% increase year over year. Additionally, the company forecasts an adjusted loss of about $12 million in the quarter. But it said that with the uncertainty surrounding COVID-19, it won't issue any full-year fiscal 2021 guidance.