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8x8 Reports Record Revenues for Year, as More Businesses Turn to Cloud Services

May 17, 2012 | Hogan Keyser

May 16, 2012 by Jim O'Neill via FierceEnterprise -- 8x8 Inc. (Nasdaq: EGHT) rode increased revenue from business customers to fourth-quarter 2012 earnings that topped analyst estimates for the quarter and closed out a solid year.

The Sunnyvale, Calif.-based company reported Q4 revenue of $24.2 million, up 33 percent from last year.

Much of that gain was driven by business customers whose spending increased to $22.8 million, or 44 percent, from a year ago, chief executive Bryan Martin said during an earnings call.

Many are looking to reduce capital and operating expenses by purchasing cloud services like those from 8x8, Martin said.

"In this market environment, with what companies are trying to do with their costs, it's really resonating," he said. "We're starting to see mid-market customers coming to us; it's very different from where we were just a few years ago."

Martin said a recent win with TMW was a good example. The transportation company was looking to replace a Cisco (Nasdaq: CSCO) hardware-based platform, in an effort to cut costs and reduce the load on IT staff internally.

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