Vonage Reports 1Q07 Results
Source: www.voip-news.com
Normally I don’t report on a company’s quarterly financial results, but in the interest of all that has happened lately with Vonage, I think their reports are a little more newsworthy than most. On Friday, they reported their results for the quarter ended March 31, 2007.
Vonage’s revenue for the first quarter of this year grew to a record $196 million, which, surprisingly, represents a 64% increase from the $120 million they reported in the first quarter of last year.
Vonage’s net loss for the first quarter of this year is down to $72 million, from a net loss of $85 million reported in the first quarter 2006, and they finished the quarter with almost 2.4 million lines in service.
Jeffrey Citron, Vonage Chairman, said, “We have battled through an extremely difficult quarter and will continue the fight in the courtroom. While the patent litigation has challenged our business, it has not distracted our focus on providing consumers with the opportunity to choose a better phone service.
“We believe we have workable designs for the two name translation patents and intend to begin deploying the solution to our customers shortly. In addition, we are continuing our development of the workaround for the wireless patent.”
