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Then, does iPhone 8 have stereo speakers?
DISPLAY AND SPEAKERS Apple's added True Tone tech to the iPhone 8 display, which first appeared on the iPad Pro. The iPhone 8's upgraded stereo speakers are impressively good. Just as on the iPhone 7, the earpiece gets really loud to act as the second speaker, but the whole system gets up to 25 percent louder now.
Likewise, do both speakers work on iPhone 8 plus? There is only a single speaker on the bottom of the iPhone 8 (and the iPhone 7, 6, 5s, 5c, 5, etc). The second grill covers the microphone. What speaker is not working? Again, there is only one speaker the bottom of the iPhone, not two.
Keeping this in consideration, why does the iPhone 8 have two speakers?
Correct, as the other grill is a microphone. Because there is only one speaker on the bottom of every single iPhone ever made. The second speaker is the earpiece speaker. The phone creates a stereo playback effect by using that single bottom speaker and the single earpiece speaker.
Are both holes on bottom of iPhone speakers?
Your iPhone does indeed have holes on both the right and left sides, on the bottom edge (on either side of the Lightning connector). The holes on the right are the only speaker on that edge of the phone, though. The other speaker in the pair is in the top of the phone, where the small slit is, right above the screen.