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8×8 Increases Profit

Communications provider 8×8, Inc. on Wednesday revealed that its profit nearly doubled on higher revenues in its fourth fiscal quarter ending March 31, 2011.

Revenues climbed to $18.2 million, up 14.6 percent over the same period a year ago and up 2.3 percent sequentially. The company reported net income of $2 million or $0.03 per diluted share, which compared to a quarterly profit of $1.1 million or $0.02 per diluted share, a year ago.

Revenue grew approximately twice as fast as expenses in the fourth quarter, enabling us to deliver a 128.7 % year-over-year increase in operating income and an 80.4 % increase in net income,” said 8×8 Chairman and CEO Bryan Martin.

8×8, a provider of VoIP phone service and other offerings to small and medium-sized businesses, ended the quarter with 24,385 business customers after courting 3,009 additional customers.  

For the fiscal year ending March 31, 2011, 8×8 reported net income of $6.5 million, or $0.10 per diluted share, on revenues of $70.2 million.

In the previous fiscal year, Sunnyvale, Calif.-based company reported net income of $3.9 million, or $0.06 per diluted share, on revenues of $63.4 million.

Shares of 8×8 (EGHT) closed Wednesday at $2.99 on the NASDAQ Capital Market.

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