8x8 Reveals Yet Another Record Breaking Quarter
January 28, 2013
By Jyothi Shanbhag
, TMCnet Contributor
Cloud-based business communications and computing solutions specialist, 8x8 (News - Alert), Inc. recently revealed financial results for its third quarter of fiscal 2013, having ended December 31, 2012.
8x8 Inc., a company that empowers conversations for more than 30,000 small and medium sized businesses (SMBs) with cloud communications services including hosted PBX (News - Alert) telephony, unified communications (UC), contact center and video conferencing solutions, has experienced an incredible rise in total revenue – 17 percent year-over-year to achieve a record $27.3 million. This is yet another impressive accomplishment when compared to the $23.3 million it revealed making in that same period of fiscal 2012.
The company also published that its achieved GAAP net income was $1.9 million, or $0.03 per diluted share, as compared with $2.6 million, or $0.04 per share, for the same period last year. In addition, the company achieved an increase in the average revenue per business customer from $239 to $260 per month this quarter.
During the end of the quarter, the company had $46.5 million in cash, cash equivalents and investments, as compared with $40.1 million in the prior quarter and $21.9 million on December 31, 2011.
“I am pleased to report another quarter of record revenue along with a substantial uptick in our service margins,” said 8x8 Chairman and CEO Bryan Martin (News - Alert) in a statement.
Martin added that the company’s focus on service margin improvement combined with its continued double-digit revenue growth and consistent profitability are a testament to 8x8’s ability to deliver advanced cloud-based services in a highly efficient and profitable manner to a continually growing base of larger customers.
Furthermore, the company earned new customers this quarter with 31,473 business customers signing in this quarter and 30,498 business customers in the prior quarter, accomplishing an overall net increase of 975 business customers for the quarter.
“The significant jump in the number of services subscribed to by our new customers this quarter clearly shows the success 8x8 is having in penetrating the upper end of the small and medium business segment,” Martin continued.
On the whole, the company attained $12.3 million as GAAP net income for the nine months ended December 31, 2012, and $10.9 million as Non-GAAP net income.
“Overall, our revenue and customer growth continues to vastly outpace our churn, and, as evident in our operating metrics, we continue to see expanding growth opportunities with both new and current customers as they take on additional services,” concluded Martin.
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Edited by Allison Boccamazzo