8x8 Posts Profitable Quarter
By Staff -- TWICE, 2/11/2008
SANTA CLARA, CALIF. — VoIP provider 8x8 turned in its second profitable quarter for its third quarter of fiscal 2008, ended Dec. 31, 2007.
The company earned $1.4 million for the quarter on revenues of $15.8 million. In the second quarter the company posted revenues of $13.3 million and a loss of $2.6 million.
8x8's cash and investments increased for the third consecutive quarter from $12.9 million in the second quarter to $14.3 million as of the end of the year.
Revenues from the firm's Virtual Office small-business solution grew 8 percent from the second quarter to represent 48 percent of 8x8's total revenue haul, while the company's residential voice and video service revenue grew 5 percent.
As of the end of 2007, 8x8 said it had more than 10,000 subscribers for its Virtual Office service. The company also earned $1.2 million on the sale of two "legacy, non-core patents" to a third party as part of an overall strategy to monetize the company's intellectual property portfolio.
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