8x8 has finished the financial year 2023 on a positive note as its fourth-quarter revenue grew two percent to $184.5 million.
The company’s $250 million acquisition of Fuze has started paying off, with $26.9 million of the total quarterly revenue and $111.3 million of revenue for the financial year.
8x8 can continue paying off its debts, reward its shareholders, and plough money into technological innovations.
Samuel Wilson, 8x8 Interim Chief Executive Officer, reflected on the past year:
“Fiscal 2023 was a year of milestones for 8x8 as we continued to invest in innovation while increasing our profitability and cash flow.
"We achieved record service and total revenue, completed the integration of Fuze operations, extended the global coverage of our communications platform, and introduced platform-wide integration of generative AI from OpenAI.”
Despite a couple of blips, such as its lower-than-expected total revenue last quarter, the year has ended on a high with a strong fourth quarter.
It is a far cry from FY 2020, Wilson reminded us, in which the company reported a non-GAAP operating loss of $61 million.
Overall traffic for unified communications (UC) and contact centre (CC) has been increasing, alongside 8x8's global network of carriers and an efficient traffic allocation model for carriers.
In April this year, 8x8 updated its XCaaS contact center to include AI-powered self-service, improved agent visibility, and new integrations.
Customer Obsessed
8x8 also launched its “customer obsessed” branding this quarter, which is a reference to its agile workforce capabilities, customer experience solutions, and artificial intelligence and machine learning technologies.
Agile workforce capabilities include the 8x8 work app, integration with Microsoft Teams, extending voice services to work-from-home users, enabling movement across devices and locations, and more.
Customer experience solutions that build into the customer-obsessed branding come through 8x8’s unified platform, which combines UC and CC.
The market size for a combined solution, according to Wilson, is at least twice the size of either the UC or CC stand-alone market.
Wilson also commented on its involvement with AI and machine learning: “Artificial intelligence and machine learning have catapulted into the public eye with ChatGPT, but 8x8 has been preparing for this moment, building our experience and talents back along this potentially evolutionary technology lead.
“We are pursuing an ecosystem path and have partnered with a number of players, including most of the companies in the leaders of various quadrants with Gartner.”