Business VoIP service provider 8x8 posted a net profit of $414,000 for its fiscal Q1 2010, up sharply from the $3.9 million loss it posted in its fiscal Q4 2009. The company reported it gained 2,907 new business customers for a net gain of 1,253 business subscribers as well in the quarter, showing strong growth despite the weak economy.
The company reported $15.6 million in revenue for the fiscal quarter, down slightly compared to the $15.8 million revenue it reported for its fiscal Q4 2009 and $16.3 million it reported for the same quarter a year ago. 8x8 said it plans a stock repurchase plan, in which it will buy back up to $2 million of its outstanding common stock.
"Demand for our hosted IP telephony solutions continues to grow, surpassing last quarter's record number of sales to new business subscribers," 8x8 Chairman and CEO Bryan Martin said in a statement. "This accelerating growth indicates our strategy of minimizing the upfront cost of entry for small businesses is working, making our services even more compelling in today's tenuous economic climate. We expect to report increased revenue and net income next quarter as a result of this strategy."
For more:
- see the press release here
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