8x8 Hits Record Quarterly Earnings of $25.3 Million
8x8 Hits Record Quarterly Earnings of $25.3 Million by UCStrategies Staff
8x8 reported a record-breaking quarterly revenue of $25.3 million, which is an impressive boost from the $18.5 million the company earned during its first quarter of the 2012 fiscal year.
8x8 also detailed a 46 percent increase in the company’s overall revenue, totaling to a record $24.1 million, when compared to the $16.4 million earned from its business customers during the same period in 2011.
8x8 is a cloud computing solutions and communications provider that has been seeing remarkable strides in its revenue and reputation among many business customers.
The GAAP net income of 8x8 was reported to be at $8.6 million. The non-GAAP income, on the other hand, was $3.4 million.
8x8 is also ranked by Frost & Sullivan as the top hosted IP telephony and unified communications (UC) services provider.
A press release quoted Bryan Martin, chairman and CEO of 8x8, as stating that the current annual run rate of the company exceeds $100 million.
“8x8's first quarter of fiscal 2013 was marked by some noteworthy accomplishments, including announcements of several mid-market customers, the monetization of a family of legacy patents and the achievement of a revenue milestone,” Bryan Martin remarked in a press release.
In another news report, 8x8 was reported to have bagged during the quarter 1,242 net new business customers. In short, the company has now acquired approximately 29,913 business customers. Compare that with the 28,671 business customers 8x8 reported for its previous quarter.
In May 2012, the company reported a 33 percent jump in total revenue amounting to $24.2 million for its fourth fiscal quarter compared to the previous year’s figure.
In the same press release, Martin added that many key areas of 8x8’s business have seen good progress. The core areas he mentioned were directly quoted as follows: “customer retention, with recorded churn at an all time record low of 1.7 percent, average monthly revenue per business customer of $250, which has been growing steadily for the past four quarters, and the number of services new customers are signing up for, now at an average of 14.0.”
Martin went on to explain that given the $12 million influx resulting from a patent sale that was added to the income from various company operations, 8x8 is at its peak in terms of liquidity. He said that the company remains dedicated to implementing an aggressive growth strategy for its 2013 fiscal year and so on. (KOM) Link.