In 2008, we strengthened our position as a leading provider of networking solutions, offering reliable, high-speed Internet, Voice over IP (VoIP), and video services across IP networks. Throughout the year, we expanded our product portfolio,investing more than $81 million in research and development. We successfully introduced new products and solutions to address a wide range of networking needs, including higher-bandwidth solutions for service providers, enhanced VoIP communications for Small and Medium-sized Businesses (SMBs), Ethernet-based switching solutions for SMBs and enterprises, and increased network management capabilities for managed service providers. Together, our complete portfolio of more than 1,700 products helped affirm ADTRAN's worldwide position as an innovator and an industry-leader in networking solutions.
In 2008, revenues were $501 million, up from $477 million in 2007. We attribute the increase to strong product acceptance in our three key growth areas: Broadband Access, Optical Access, and Internetworking. Combined, these areas grew to $222 million, from $180 million in 2007. Earnings in 2008 increased to $79 million for the year compared to $76 million for 2007. Fully diluted earnings per share grew to $1.22 in 2008 from $1.10 in 2007.
Our cash flow position is strong with net cash from operating activities of $116 million for the year, up from $89 million in 2007. We provided $22.9 million in dividend payouts and invested $63.6 million for stock repurchases. We believe our solid financial position allows for continued growth, as well as providing the necessary working capital to fund product development and weather general economic weakness.
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