Communications provider 8x8 on Wednesday reported that business-customer churn in its latest quarter fell to a record low.
In the third quarter of fiscal 2012, business-customer churn declined to 2 percent, marking a slight improvement compared to a rate of 2.2 percent in the same period a year ago and 2.1 percent in the prior period. The company ended the quarter with 27,677 business customers.
Year over year, quarterly revenues for the period ending Dec. 31 rose 31 percent to $23.3 million while net income climbed 73 percent to $2.6 million or $0.04 per share.
"I am especially encouraged by the momentum we are seeing on the hosting side of our business and the continued success we are experiencing winning larger businesses and government organizations that are moving toward cloud-based solutions," 8x8 Chairman and CEO Bryan Martin said in a statement.
Sunnyvale, Calif.-based 8x8 ended the calendar year with $21.9 million in cash, cash equivalents and investments.
