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8x8 Inc (EGHT-5.12%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports a decrease in service revenue to $173.5 million from $175.1 million in the same quarter the previous year, primarily due to a decline in subscription revenue from customers on the Fuze platform.
Other revenue decreased to $5.4 million from $5.9 million, attributed to lower product and professional service revenue.
Cost of service revenue increased by 3.2% to $50.5 million, driven by higher costs to deliver subscription and platform usage services.
Research and development expenses decreased by 9.0% to $29.8 million, primarily due to reductions in stock-based compensation and facilities costs.
Sales and marketing expenses decreased by 2.0% to $65.6 million, with decreases in channel commissions and stock-based compensation.
General and administrative expenses decreased by 29.0% to $16.6 million, largely due to reduced legal and regulatory expenses related to Fuze, Inc.
The company reported a net income of $3.0 million for the quarter, compared to a net loss of $21.2 million in the previous year.
Cash provided by operating activities was $57.7 million, while cash used in investing and financing activities was $10.2 million and $59.1 million, respectively.
8x8 Inc does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its mid-market, enterprise, and public sector customer base, with ongoing investment in product innovation and sales efficiency.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the 8x8 Inc quarterly 10-Q report dated February 5, 2025. To report an error, please email earnings@qz.com.