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Vonage Posts a Profit–On Paper

John Paczkowski in News on May 7, 2009 at 9:21 am PT

Well, what do you know. Vonage posted a quarterly profit. The Iong-suffering Internet phone company reported first-quarter earnings today and with them its first profit ever: $5 million on revenue of $224 million. Sadly, that profit was only made possible by “a $13 million mark-to-market adjustment relating to the derivative liability in the Company’s convertible debt.”