Shares of 8X8 Inc. EGHT rose 3.3% in premarket trading Wednesday after the business communications services company said it will cut its global workforce by about 7%, as part of a restructuring aimed at refocusing its target market and at cutting costs. With about 2,216 employees announced in the California-based company’s latest annual report, about 155 employees are likely to be laid off. The company said the job cuts are expected to be “substantially completed” by the end of its fiscal first quarter, which ends June 30. Interim Chief Executive Sam Wilson said in a letter to employees that conversations with those being laid off have begun. The stock has run up 32.6% over the past three months through Wednesday but has plunged 70.3% over the past 12 months, while the S&P 500 SPX has gained 7.3% the past three months and lost 12.8% the past year.
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