Why 8x8 Stock Popped Today -- and Then Gave Most of It Back
Shares of software-as-a-service company 8x8 (NYSE: EGHT) jumped in early trading Wednesday after it reported better-than-expected results for its fiscal 2022 fourth quarter. But later in the session, the stock gave up most of its early gains, likely on fears of the impacts of inflation.
After rising by as much as 16.8%, the tech stock closed the day up just 1%.
Investors were initially enthusiastic that 8x8's non-GAAP earnings per share of $0.05 beat analysts' consensus estimate for a breakeven quarter.
Source Fool.com
