8x8’s CEO told investors at its Q3 2023 earnings call that its revenue low-point is close before announcing a new customer experience (CX) product line.
Samuel Wilson, CEO of 8x8, was responding to an analyst’s question when he explained that the bottom "feels like it is close".
That comes after total revenues for the quarter landed at $180MN, down from $184.4 million 12 months ago.
Indeed, 8x8 has struggled to regain momentum in a tricky microenvironment, with share prices dropping 90 percent over the past three years.
Despite this, Wilson was optimistic about the company’s outlook, citing new product growth that's up 60 percent year-over-year (YoY), an increase in quarter-on-quarter bookings, and its latest product releases.
Kevin Kraus, Chief Financial Officer at 8x8, echoed Wilson’s sentiments in his own expectations for the company’s financial future: "I believe that our continued focus on profitability while maintaining our targeted investments and innovation, plus our go-to-market retooling is the correct strategy for us at this time.
This strategy will enable a return to revenue growth while we also return value to our investors, initially by reducing our debt.
"Our goal is to show improving revenue trends in fiscal 2025. I would like to thank the entire 8x8 team for working together to deliver this quarter's solid results."
Now, 8x8 plans to return $250 million to investors via debt repayments between the fiscal years 2024 to 2026.
A New CX Product Line
To turn around its current revenue slump, 8x8 is pumping out new product innovations, including a new "CX product line".