eGain Corp (NASDAQ: EGAN) reported its fourth quarter earnings for the 2017 fiscal year and beat expectations.
eGain posted total revenue was $14.6 million, up 6 percent from the third quarter, and beating analysts estimates by $1.25 million. EPS broke even for eGain, or a net loss of $45,000, but beat estimates by $0.10. Software-as-a-service (SaaS) revenue of $6.8 million, up from the previous third quarter.
Ashu Roy, eGain CEO, commented, “We are pleased to report solid sequential growth in SaaS and recurring revenue in our first quarter since completing our transition to a recurring revenue business model. We continue to gain market share with our industry leading customer engagement solutions and look forward to continued SaaS and recurring revenue growth, as well as generating operating cash in fiscal 2018.”
For the 2017 fiscal year, eGain posted total revenue of $58.2 million, down 16 percent from 2016. Net loss was $6.0 million or $0.22 per share down from the previous year of a loss of $6.2 million or $0.23 per share. SaaS revenue was $23.9 million, up 12 percent year over year from $22.5 million.
eGain says the decrease was primarily due to the expected decline in perpetual license revenue from $14.5 million in fiscal 2016 to $4.6 million in fiscal 2017, reflecting the company’s successful completion of its transition to a recurring revenue business model.
Shares closed at $1.75 on Wednesday and opened at $2.05, jumping over 30 percent during early morning on Thursday.
Moving forward, eGain is primarily focused on its SaaS growth to provide better and innovative cloud service to its consumers, said Roy in the conference call.
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