8×8 (NYSE:EGHT) stock is on the rise Thursday after the company announced a new CEO.
8×8’s Board of Directors has appointed Dave Sipes as the new CEO of the company. Sipes joins EGHT after serving as the COO of RingCentral (NYSE:RNG). This has him taking over the position from Vik Verma, whose sticking around in an advisory role to assure a smooth transition.
To go along with this, 8×8 also reaffirmed its guidance for fiscal Q3 and fiscal 2021. It’s expecting revenue of $132 million to $133 million in fiscal Q3, and $519 million to $522 million in fiscal 2021. Wall Street’s estimates are for revenue of $132.72 million and $522.19 million for fiscal Q3 and fiscal 2021, respectively.
The recent 8×8 news has caught the interest of investors and shares of EGHT stock are experiencing heavy trading today. As of this writing, more than 8 million shares of the stock have changed hands. That’s quite the jump from its daily average trading volume of about 1.26 million shares.
With more investors taking an interest in EGHT stock, it’s only fitting to want to know more about the company. Our breakdown below can help with that.
- 8×8 is a voice over internet protocol (VOIP) company that offers its services to businesses for a monthly subscription.
- The company was initially founded in 1987 as Integrated Information Technology and focused on making computer chips.
- However, it underwent a change in the early 90s that resulted in its current name and focus.
- It then went public in 1997 via an initial public offering (IPO) that saw it offering shares of EGHT stock on the New York Stock Exchange.
- It currently employees more than 1,800 people and has a market capitalization of 2.96 billion.
EGHT stock was up 32.5% as of noon Thursday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.