Highlights included a 30% increase in total revenue for the quarter year-over-year to a record $37.9 million.
Channel and mid-market sales increased 94% year-over-year, representing 44% of new monthly recurring revenue sold in the quarter.
“8x8 delivered a very strong quarter with profitable 30% revenue growth driven largely by the continued adoption of our services by mid-market and distributed enterprise customers,” said 8x8 CEO Vik Verma. “With a 94% year-over-year increase in new mid-market and channel sales and 41% of our service revenues coming from the mid-market, 8x8 is clearly expanding its leadership position in this valuable market segment.”
Mr. Verma continued. “Given our strong first quarter performance, we now expect revenue to grow by at least 25% for the current fiscal year, with non-GAAP net income as a percentage of revenue in the high-single digit range.”
On July 22, 2014, 8x8's Board of Directors authorized the repurchase of up to an aggregate of $15.0 million of our Common Stock. The repurchases may be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. The repurchase program is expected to continue until July 22, 2015, unless extended or shortened by the Board of Directors.