Hats off to 8x8!
August 2, 2007
8x8, the company behind the Packet8 VoIP service, reported a profit today of $508,000 on revenues of $14.7M, or a penny per share. This is compared to a loss in the same quarter last year of $1.8M on revenues of $12.3M.
The company's stock soared nearly 16% in afternoon trading.
The Packet8 service was launched in 2002 and, like all VoIP providers, has struggled trying to reach profitability. In spite of all of the hype about how inexpensive VoIP is, these companies know all-too-well that there is substantial cost, risk, and work required to be successful in this business.
Profitability for VoIP startups like Packet8 represents a significant positive step forward for the VoIP industry.
Hat off to 8x8!