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It was bound to happen, the string of positive Vonage stories had to come to an end sooner than later, and the latest is reporting that Vonage is having difficulty getting new customers.
It should come as no surprise that Vonage has been and continues to loss money. They have reported a $6.9 million loss for Q2 2008, which sounds bad until you hear that they had a loss of $23.2 million for the same quarter in the previous year.
Of course with all the money being lost, they have been forced to cut down on advertising, which is only hurting them from moving forward, it almost seems like they are caught in the middle.
On a positive note, their churn rate has dropped slightly from 3.3 percent down to 3 percent however they have only added 2,080 new customers in the past quarter. Which is way down from the 56,691 new customers they added during the same quarter in the previous year.
Vonage has also reported that they have a total of 2.6 million subscribers as of the end of Q2 2008, of course we have recently seen Marc Lefar come in from AT&T and take over the role of CEO, let’s hope he has some ideas that will turn things around.
Read [CNET]
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