Unlike many other VoIP service providers, 8x8 managed to add some cash to its bottom line last quarter. The company announced its operating results for its Q3 quarter ending on December 31, 2008. Revenues were down slightly compared to last quarter, but up on a year-by-year comparison and the company added nearly a thousand new customers.
Revenues for Q3 FY 2009 were $16.2 million, compared to $15.8 million for the same period last year and $16.4 million for the previous quarter. Business services revenue now makes up 66 percent of total revenue for 8x8, as compared to 48 percent in Q3 2008 and 60 percent last quarter.
GAAP income for the quarter was $180,000 and cash and investments increased to $16.2 million in Q3 2008; in the second quarter they were $15.8 million and $14.3 million in Q3 2008. It is the seventh consecutive quarter of increased cash and investments and a total of $1.6 million for the year to date.
8x8's customer base increased by a net 962 new customers and the company now provides service to 14,706 business customers. On a percentage basis, business churn is down to the lowest in 18 months, down to 2.9 percent; it was at 3.3 percent in Q3 2008.
Reading the fine print, the company continues to add direct sales force, moving from 43 to 56 agents. Direct sales accounted for 84 percent of new business sales during the quarter.
For more:
- 8x8 publishes numbers. Release [1].
Related articles
8x8's half-off sale [2]
Hiccups at Packet 8 due to DNS problems [3]
Links:
[1] http://www.8x8.com/phoenix.zhtml?c=96659&p=irol-newsArticle&id=1220101
[2] http://www.fiercevoip.com/story/8x8s-half-sale/2008-12-03
[3] http://www.fiercevoip.com/story/hiccups-packet-8-due-dns-problems/2009-01-25