Vonage returns to profit in 2nd quarter
Vonage returns to profit in 2Q, free of software assets adjustment incurred a year ago
HOLMDEL, N.J. (AP) -- Vonage returned to a profit in its second quarter, free from a software assets adjustment.
The company, which provides phone services through cloud-connected devices, earned $7.4 million, or 3 cents per share, for the period ended June 30. That compares with a loss of $3.3 million, or 1 cent per share, a year earlier.
Excluding special items, earnings were 6 cents per share.
Revenue for the Holmdel, N.J., company declined 3 percent to $204.8 million, in part because of lower fees and sluggish addition of new lines.
Gross line additions fell to 155,000 from 163,000 during the quarter. It added 3,000 net lines, breakeven with a year ago.
Shares of Vonage Holdings Corp. fell 16 cents, or 4.8 percent, to $3.20 in Wednesday afternoon trading.
