Vonage posts narrower loss
Vonage Holdings Corp., the unprofitable Internet phone carrier, posted a narrower fourth-quarter loss after resolving patent claims with the three biggest U.S. phone companies.
Net loss shrank to $11.1 million, or 7 cents a share, from $117.1 million, or 76 cents, a year earlier, the Holmdel, N.J.-based company said. Sales increased 19% to $215.9 million, missing the $220.1-million estimate in a Bloomberg survey of analysts.
Vonage averted bankruptcy last year after settling lawsuits brought by Sprint Nextel Corp., Verizon Communications Inc. and AT&T; Inc. Vonage Chief Executive Jeffrey Citron also cut 10% of the workforce and reduced the advertising budget by $110 million while continuing to deal with debt.
Vonage stock rose 11 cents to $2.14.
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