Vonage Holding Corp., a leading provider of broadband telephone services, announced Thursday that it had significantly reduced 2008 first-quarter loss in comparison with the previous year.
The improvement resulted from reduced costs and increased subscriber’s fee.
The company’s net loss this year constituted $8.96 million, or 6 cents a share, while the previous year Vonage lost $72.3 million, or 47 cents.
Vonage’s profit jumped by 5% to $224.6 million from $195.9 million.
Vonage offers feature-rich and cost effective communication services that provide users with an experience similar to traditional telephone services. Vonage's service is sold on the web and through national retailers including Best Buy, Circuit City, WalMart and Target and is available to customers in the U.S., Canada and the United Kingdom.
Vonage stock increased by 5%, gained 9 cents to $1.97 in Thursday trades.
The choice of the city of Helsinki is not incidental as the capital of Finland had hosted US-Soviet negotiations on the limitation of nuclear stockpiles in 1969