Stock Alert: 8x8 Surges 36%; New CEO Appointed, Guidance Affirmed

(RTTNews) - Shares of integrated cloud communications platform provider, 8x8, Inc. (EGHT) are rising more than 36% Thursday morning and touched a new high at $29.91.

The company today announced the appointment of Dave Sipes as Chief Executive Officer and member of the board of directors.

"8x8 is participating in one of the biggest SaaS markets today, cloud communications. We believe Dave, with his operational expertise, strong industry background, and world-class go-to-market leadership, is the right leader at the right time to fully realize our potential," stated Jaswinder Pal Singh, 8x8 Chairman of the Board.

Sipes was most recently COO of RingCentral, where he was instrumental in the 12-year growth trajectory of the company from $10 million to more than $1 billion in revenue, the company said.

8x8 also reaffirmed guidance for the third quarter and full-year fiscal 2021.

For the third quarter the company sees revenue to be in the range of $132.0 million to $133.0 million. This compares with the average estimate of analysts polled by Thomson Reuters of $132.72 million.

Full-year revenue is expected between $519.0 million and $522.0 million. The consensus estimate is at $522.19 million.