Take that economic downturn! 8x8 announced in their earnings this week that their revenue from business customers grew 7 percent sequentially and 19 percent compared to the same period a year ago. Business churn also decreased to a record low of 2.4 percent, compared to a churn rate of 2.7 percent in the previous quarter and 2.9 percent during the same period last year.
All was not good news, however, as net income was down sequentially by about $300,000. Also while business customers were becoming a larger and larger portion of 8x8's revenue stream, residential customers were falling off. Revenue from residential customers declined 21 percent sequentially and 41 percent compared to the same period a year ago. Perhaps their latest iPhone app offerings and the Facebook 'Call Me' feature will help appeal to and retain residential customers in the future.
For more:
- read the release [1]
Links:
[1] http://money.cnn.com/news/newsfeeds/articles/globenewswire/182862.htm