I just got off a conference call with a client using our new 8X8 Internet phone service and could not tell the difference between the clarity of a traditional hard-line and the VoIP service offered by 8X8. Also, this service for our office line comes at a fraction of the cost compared to a common business account with AT&T. It is somewhat strange writing about companies and using their service at the same time. I don't think the company reads these reviews of real life customers who are using the product, so I feel like an undercover journalist.
The stock of 8X8 (NASDAQ:EGHT) has also been very popular on the buy side today reaching a new 52-week high of $3.11 per share on heavy volume. Last week, 8X8 announced record quarterly results and has increased their customer base substantially over the past year as businesses an consumers alike look to tighten expenses in this down economy.
Total revenue for the second quarter of fiscal 2011 was $17.4 million, an increase of 8% compared to revenue of $16 million for the same period of fiscal 2010. Total revenue for the six-month period ended September 30, 2010 was $34.2 million, an increase of 8% compared to revenue of $31.6 million for the same period of fiscal 2010.
Net income for the second quarter of fiscal 2011 was $2 million, or $0.03 per share, an increase of 47% compared to net income of $1.3 million, or $0.02 per share, for the same period last year. Net income for the six-month period ended September 30, 2010 was $3 million, an increase of 71% compared to net income of $1.8 million for the same period of fiscal 2010.
Business customer churn decreased to 2.2%, compared to a churn rate of 2.7% for the same period last year. The Company ended the quarter with 22,167 business customers, up from 18,199 customers a year ago.
"The second quarter of fiscal 2011 was 88s strongest quarter ever and a pivotal period for the company and its shareholders as our business voice and managed hosting services delivered the highest revenue and net income levels in the Company's history as a publicly traded entity," said 88 Chairman and CEO Bryan Martin.
88 leverages its patented software technologies to deliver high quality voice solutions and integrated messaging and video to businesses of any size with employees in any location on a wide variety of business telephony, web and mobile platforms. 88 also offers managed hosting and cloud-based computing services.
