Tag - EGHT

8x8 Inc. (Nasdaq:EGHT) said Wednesday it had been granted a U.S. patent for Voice over Internet Protocol that pertains to Internet Protocol communication systems and to broadband telephone services having distributed local gateways. The patent was issued on July 1. The Santa Clara, Calif.-based telecommunication company offers voice and video Internet-based telephone services for businesses and residential customers. Ahead of the bell on Wednesday, 8x8 shares were up 10.8% to $1.23.

Shares of 8x8 Inc. (Nasdaq: EGHT) ended the day higher on news that investment bank MDB Capital Group upgraded the provider of telecommunication services and technology for Internet protocol telephony and video applications to “buy” from “neutral.”

“We are encouraged by the company’s recent mobile calling plan and other efforts the company has undertaken to position 8x8 for long-term growth,” wrote Joel Achramowicz, vice president of equity research at MDB Capital Group, in a research note. “At this time 8x8 shares seem compelling.”

Also today, the Santa Clara, Calif.-based company announced that its Packet8 Virtual Office, a phone system for small- to medium-sized businesses, had more than 10,000 subscribers as of the end of December 2007.

“We are very pleased to have reached this new milestone with our Packet8 Virtual Office service,” said sales and marketing VP Huw Rees in a statement. “In addition to the ‘micro business’ customer we have been serving all along, we are now seeing escalating interest from larger corporations that operate from multiple locations.”

However, analyst Joel Achramowicz warned in his research note that the VoIP (voice over internet protocol) market is subject to rapid technological change and 8x8 depends on the introduction of new products and services to maintain and grow its business.

Additionally, the company, which was established in 1987, could become the target of costly and time consuming patent infringement lawsuits.

Furthermore, Achramowicz warns that 8x8 has a history of losses and has limited cash liquidity that will most likely require it to raise additional capital in order to achieve profitability.

The company posted losses during all four quarters of 2007 and Achramowicz does not expect it to break even until the second half of 2008.

At close, shares of 8x8 Inc. (EGHT) had added $0.12, or 13%, to $1.01. The 52-week high of $1.84 was reached on Jan. 30, 2007, while the 52-week low of $0.84 was set on Dec. 28, 2007.

VoIP provider 8x8, Inc. (Nasdaq: EGHT), said today that it signed an agreement with Synnex Corp., a business process services company, to provide Packet8 Virtual Office hosted iPBX phone services to small and medium-sized businesses.

Synnex will offer the iPBX phone services as part of its Technology-as-a-Service offering. 

8x8 noted that, according to a recently published IDC study dated August 2007, the market for hosted IP voice services among U.S. businesses is expected to reach approximately $456 million by the end of 2008.

Shares of 8x8 (EGHT) were halted in pre-market trading.

8x8, Inc. (Nasdaq: EGHT), maker of Packet8 VoIP and video communication services, reported today that it was issued a U.S. patent Tuesday for an arrangement and method of Internet telephony.

The invention covered by the patent includes a telephone and an interface unit which interfaces the telephone to both a standard switched telephone communications network and an Internet communications network.

Shares of 8x8 (EGHT) edged up 1.36%, or $0.02, to $1.49 ahead of the opening. Shares of 8x8 have been trading in the range of $ 1.05 to $1.96 for the past 52 weeks.

8x8, Inc. (Nasdaq: EGHT), provider of Packet8 residential, business and VoIP phone services, reported this morning that it signed a deal with technology retailer CompUSA, to offer the Packet8 Virtual Office small business phone system and the Packet8 Tango Video Terminal Adapter.

The company said its products will be available in CompUSA stores beginning this month.

Shares of 8x8 (EGHT) were halted in pre-market trading.

8x8, Inc. (Nasdaq: EGHT), which provides Packet8 residential, business and video Voice over Internet Protocol phone services, reported this morning that it signed an agreement with a service provider that will soon exit the VoIP market calling for the exclusive recommendation of Packet8 as the replacement VoIP service.

According to 8x8, Packet8 will be the only brand presented and promoted to roughly 12,000 subscribers.

Shares of 8x8 (EGHT) were halted in pre-market trading.

Shares of 8x8, Inc. (Nasdaq: EGHT) are trading higher this morning before the bell after the provider of Packet8 residential, business and video Voice over Internet Protocol phone services reported it swung to a profit in its first fiscal quarter.

For the first three months ended June 30, the Santa Clara, Calif.-based company reported GAAP net income of $0.51 million, or $0.01 per share, compared with a net loss of $1.8 million, or $0.03 per share for the first quarter of fiscal 2007.

Total revenues increased 20% to $14.7 million, compared with $12.3 million for the first quarter last year.  

Shares of 8x8 were up 12.03%, or $0.16, to $1.49 in pre-market trading.

The Russell 2000 index is slightly lower as U.S. stocks remain little changed this afternoon.  In specific small cap action, shares of 8x8, Inc. (Nasdaq: EGHT) are down on news of a net loss, while The Smith & Wollensky Restaurant Group, Inc. (Nasdaq: SWRG) said it will be sold for $90 million.

At 2:37 p.m. ET the Russell 2000 had lost 0.22 points, or 0.03 percent, to 832.66.  The Dow Jones Industrial Average was up 45.83 points, or 0.35 percent, to 13,310.45, on track for another record close.