8x8 Surges after Earnings Beat

Shares of cloud computing company 8x8

are seeing much strength Thursday morning after the company announced earnings results yesterday that beat analysts' estimates. 8x8 announced total revenue for the third quarter of fiscal 2012 was $23.3 million, a 31% increase compared to the same period last year and a 17% sequential increase compared to revenue of $19.8 million in the prior quarter. This is also higher than analysts' estimates of $22 million. The company also announced net income for the third quarter grew 73% vs. the same period last year to $2.6 million or $0.04 per share. Analysts were expecting net income of $0.03 per share. Currently, shares of 8x8 are trading 24% higher at $4.24; up about 33% on the year.