Communications enterprise solutions provider 8×8 Inc. (EGHT) has jumped about 8% in past week. The main reason behind that was a surge of about 35% on December 10, when the firm announced the hiring of a new CEO, from whom a new 8×8 sales boost was planned.
The new 8×8 head is Dave Sipes, who remained chief operating officer at RingCentral, a cloud company that expanded from $10 million to $1 billion. At present, the 8×8 business is heading in the direction of SaaS cloud communications, and the expertise of a specialist in this field will play an important role in the company’s growth.
The 8×8 outlook for the third quarter and the whole year was an additional factor in the growth of the stock. The firm expects $132 million in quarterly revenue, which means growth of 12 percent year-on-year. Revenues are forecast to be $522 million for the full year which implies a rise of 17 percent.
During the COVID-19 period, when the demand for cloud communications for remote work, conferences, educational activities, meetings, etc. increased, 8×8 services proved to be in demand. During the pandemic, 8×8 provided clients with unrestricted use of its services, which allowed them to present company’s services to a large audience. A quick integration that makes it easier to get started with cloud communications is the advantage of 8×8 solutions.
8×8 shares have risen by more than 83 percent since the beginning of the year. Investors are bullish about the prospects of 8×8 because it has a favorable climate for growing revenue in its service business segment.
8×8 Inc. (EGHT) stock was up 5.94 percent on Tuesday to close the session at $33.35. Value the company has added to its shares over the past month rises to 75.53 percent while quarterly gain rose to more than 123 percent.