8×8, Inc. (NYSE: EGHT) stock lost over 7.6% on 31st July 2019 (As of 11:01 am GMT-4; Source: Google finance). EGHT in the first quarter of fiscal 2020 has reported the adjusted loss per share of 14 cents. Moreover, the Company expects FY 20 non-GAAP pre-tax loss guidance to be approximately $53 million.
Average annual service revenue per customer increased 18% in the midmarket and 20% in the enterprise segment, coming in at more than $37,000 per year for midmarket customers, and more than $154,000 per year for enterprise customers. The total ARR came in at $332 million at the end of the June quarter, growing 21% year-over-year. The drivers of ARR growth in Q1 were the addition of 28 new deals that we closed in the quarter with ARR in excess of $100,000 and that represented 31% of new bookings, up from 26% in the prior year. In addition, overall, the company had 449 customers generating ARR greater than $100,000 in Q1, a strong 50% year-over-year growth.
The company had reported the adjusted revenue growth of 16 percent to $96.7 million in the first quarter of fiscal 2020, beating the analysts’ estimates for revenue of $96.1 million. Service revenue came in at $92.4 million, an increase of 18.2% year-over-year. While large enterprise deals continue to be a bit lumpy quarter-to-quarter, this key segment delivered strong revenue growth in aggregate and on a revenue-per-customer basis. The international operations also generated nice revenue growth and contribution in Q1, coming in at approximately 13% of service revenue, and that, despite a weaker British pound that negatively impacted service revenue growth by about 50 basis points in the quarter.
For the second quarter of fiscal 2020, the company expects total revenue to be in the range of $106.0 million to $107.0 million, which represents approximately 24% to 25% year-over-year growth. Service Revenue is expected to be in the range of $102.5 million to $103.5 million, which represents approximately 26% to 27% year-over-year growth. Non-GAAP Pre-Tax Loss is expected to be of approximately $16.5 million.
For fiscal 2020, the company has raised the total revenue guidance from approximately $418.0 million to approximately $438.0 million, representing approximately 24% year-over-year growth. The Company has also raised service revenue guidance from approximately $400.0 million to approximately $420.0 million, representing approximately 26% year-over-year growth.