8x8 Financial Performance for 2023: ‘A Year of Milestones’

The 8×8 financial performance for fourth quarter 2023, which ended March 31, proved steady, with total revenue increasing 2% year-over-year to $185 million, including Fuze revenue of $27 million. In addition, service revenue increased 2% year-over-year to $177 million, including Fuze revenue of $27 million.

Annual recurring subscriptions and usage (ARR) grew to $703 million, an increase of 2% from the end of the same period last year. Enterprise ARR also increased to $405 million, an increase of 3% from the end of 2022, and accounted for 58% of total ARR.

What’s most notable are the results for fiscal year 2023, company officials said. Total revenue increased 17% year-over-year to $744 million, including Fuze revenue of $111 million. And service revenue increased 18% to $710 million, including Fuze revenue of $110 million.

This was the first full year with Fuze included in the earnings report, as 8×8 closed its acquisition of the company in January 2022.

8×8’s Samuel Wilson

Samuel Wilson, 8×8 interim CEO, said the company achieved record service and total revenue.

“Fiscal 2023 was a year of milestones for 8×8 as we continued to invest in innovation while increasing our profitability and cash flow,” Wilson said. “[We] completed the integration of Fuze operations, extended the global coverage of our communications platform and introduced platform wide integration of generative AI from OpenAI.”

Additional 8×8 Financial Performance During the Fiscal Year

8×8 financial performance improved through the year as it achieved greater efficiency across our operations, company officials said.

“Our intention is to continue to use excess cash generated by our operations to return value to our shareholders by reducing our debt and funding investment in innovations that will drive future growth,” Wilson said. “With a solid financial foundation, high customer retention and a value proposition that resonates with mid-size enterprises around the world, I believe we are well positioned as our industry evolves.”

New Products

8×8 has rolled out several products this year. These included infused deeper AI/ML, natural language understanding models and enhanced performance and administrative capabilities across the 8×8 XCaaS integrated cloud contact center and unified communications platform.

Another example of innovation is the 8×8 Intelligent Customer Assistant for 8×8 Contact Center, also launched in the year. The conversational AI solution enables businesses to create simple to complex self-service experiences across all channels.