Vonage announces net income for first time
Vonage released its Q4 earnings report and had some exciting news. Excluding adjustments, the company reported net income from operations for the very first time. Vonage reported a net income of $3 million excluding adjustments which was up $37 million from 2008.
Sequentially, net income was flat but revenue was up to $224 million. According to the release, the average revenue per user increased to $30.54 from $28.33 in the year ago quarter and $29.89 sequentially.
"2009 marks the first year generating net income excluding adjustments. Adjusted EBITDA more than doubled. And, revenues per subscriber have increased while we reduced selling, general and administrative expenses by double-digit percentages," said Marc Lefar, Vonage Chief Executive Officer in the earnings release. Lefar saw the net income success as a function of an upgraded value proposition, enhancing the customer experience, and reduced costs.
- read the release
Vonage's CFO to flee the coop
Vonage pays $3M to states over customer complaints
Vonage posts 3Q loss
Sprint files four more VoIP lawsuits
Vonage Mobile for iPhone and Blackberry now ready for download
Banks slapped with $845K in fines over Vonage IPO