Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of 8x8 (EGHT 5.46%) have soared today by as much as 14% after the company reported fiscal second quarter earnings.
So what: Revenue jumped 33% to $26.4 million, with 96% of sales coming from business customers. Gross margin increased to 68%, which helped the company generate non-GAAP net income of $3.7 million, or $0.05 per share. Those results were mostly in-line with analyst estimates.
Now what: 8x8 saw a big jump in average monthly revenue per customer, increasing from $207 a year ago to $256 last quarter. This was driven in part by each customer subscribing to more services, with the average number of services being 10.6. The company is seeing small- and mid-market customers adopting more services, as many of them have mobile workforces that tap into 8x8's applications.
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