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Vonage Reports Loss

By TWICE Staff -- TWICE, 11/7/2008

Holmdel, N.J. — Vonage reported a net loss of $8 million for its third quarter.

The VoIP firm said third-quarter revenues climbed 7 percent from the year-ago quarter to $226 million. Subscriber growth slowed as the firm added 9,500 net new lines vs. 77,763 in the year-ago quarter. Churn remained flat at 3 percent.

Vonage spent $272 in marketing per gross subscriber line, up from $206 last year.

With the firm’s convertible debt refinanced, CEO Marc Lefar said in a statement that the company was focused on “fixing the business fundamentals.”

“We are becoming more selective in our product investments, continuing to improve customer care and reevaluating our marketing messaging and media investment. Although we anticipate modest growth for the balance of the year, the changes we are putting in place should position us for accelerated growth in 2009," he said.

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