Shares of 8X8 took a hit as the company reported a decrease in sales for the fiscal third quarter and revised its full-year outlook. The stock dropped by 14% to $2.89 on Thursday, with shares down 23% since the beginning of the year.
Based in Campbell, California, 8X8 is a contact-center provider. The company now anticipates revenue ranging from $725.3 million to $730.3 million for the year ending March 31, as opposed to its previous forecast of $755 million to $763 million. Analysts surveyed by FactSet project revenue of $727.2 million for the year.
For the third quarter ending December 31, 8X8 experienced a nearly 2% decrease in revenue, reaching $181 million. This fell short of the analysts’ forecast of $182.6 million. The company reported a net loss of $21.2 million, or 17 cents per share, compared to a loss of $26 million, or 23 cents per share, in the same period the previous year. Analysts were expecting a loss of 8 cents per share.
