Vonage Now Losing Subs; The Street Has Moved On
Is anyone still bothering to pay attention to Vonage (VG)?
It doesn’t look like it. The voice-over IP phone company today posted Q4 revenue of $222 million, up three percent from a year ago. Vonage lost 26 cents a share in the quarter, but noted that it posted an operating profit of $2.8 million, its first quarter ever that far in the black. However, Vonage lost a net 14,700 subscribers, to finish with 2.6 million lines in service.
Wait, wasn’t VoIP supposed the change the world and cripple the Bells? Well, it certainly has made a dent, but the damage is being done largely by the cable companies, rather than Vonage.
