8x8 Surges after Earnings Beat
Shares of cloud computing company 8x8 (NASDAQ: EGHT) 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.
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