What happened Shares of 8x8 (NYSE: EGHT), a software-as-a-service provider of voice, video, and chat technologies, were tumbling today after the company released its fourth-quarter financial results on Tuesday. As of 11:36 a.m. EDT on Wednesday, 8x8's stock was down 22%. Image source: Getty Images. So what 8x8's sales in the quarter jumped 29.6% to $121.5 million, which slightly beat analysts' consensus revenue estimate. Meanwhile, the company's adjusted loss per share of $0.12 was steeper than the $0.09 loss in the year-ago quarter, but it still beat Wall Street's consensus estimate of a loss of $0.14 per share. Despite the revenue and earnings beat, investors weren't happy with the company's fourth-quarter results overall, causing 8x8's stock to slide significantly in the first few hours of trading. But CEO Vik Verma was optimistic, saying, "We delivered solid fourth quarter and full-year results exceeding our guidance range, driven by continued momentum in the channel, mid-market, and enterprise markets." Now what Management provided guidance for its first-quarter fiscal 2021, with revenue in the range of $120 million to $121 million, which would represent about a 25% increase year over year. Additionally, the company forecasts an adjusted loss of about $12 million in the quarter. But it said that with the uncertainty surrounding COVID-19, it won't issue any full-year fiscal 2021 guidance. 10 stocks we like better than 8x8When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and 8x8 wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of April 16, 2020 Chris Neiger has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source