8x8 Earns Record Quarterly Revenue of $25.3 Million
July 19, 2012
By Ed Silverstein
, TMCnet Contributor
8x8 (News - Alert), Inc., continues to break records. A provider of cloud communication and computing solutions, 8X8 saw a 36 percent jump in revenue during the recent quarter.
Revenue reached a record $25.3 million compared to $18.5 million for the Q1 of the 2012 fiscal year, the company said. The company also reported that its revenue from business customers jumped 46 percent to a record-setting $24.1 million, when compared to $16.4 million for the same period in the prior year.
GAAP net income was $8.6 million. Non-GAAP net income was $3.4 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,” 8x8 chairman and CEO, Bryan Martin (News - Alert) said in a company press release. “We are now at an annual run rate of over $100 million.”
The company also noted it was ranked the number one hosted IP telephony and unified communications services provider by Frost & Sullivan (News - Alert).
In other recent company news, 8X8 recently added 1,242 net new business customers during the quarter. It now has some 29,913 business customers, compared with 28,671 business customers in the prior quarter.
"We continue to see good progress in several key areas of our business including 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 added. "With the $12 million influx to our balance sheet from our recent patent sale on top of our ongoing cash from operations, the company is experiencing its highest level of liquidity since it began operating as a service provider and remains committed to executing its aggressive growth strategy in fiscal 2013 and beyond."
In May 2012, 8X8 announced record breaking financials for the company. The company's total revenue for the fourth fiscal quarter jumped 33 percent from last year's amount and totaled $24.2 million, TMCnet reported in May. The revenue from the entire fiscal year totaled $85.5 million – a 22-percent increase from fiscal year 2011.
8x8 Inc. is a Platinum sponsor of ITEXPO West 2012. To be held Oct. 2-5 at the Austin Convention Center in Austin, TX, ITEXPO (News - Alert) is the world’s premier IP communications event. Visit 8x8 Inc. in booth #801. Debbie Jo Severin, Chief Marketing Officer, will also be a speaker at the event. For more information on ITEXPO click here.
Edited by Brooke Neuman