VG Stock Drops Double Digits on Vonage Subscriber Losses

VG stock is down more than 14% Thursday afternoon

   

VG Stock Drops Double Digits on Vonage Subscriber Losses

Vonage (VG) posted mixed second quarter results that saw VG stock fall Thursday afternoon.

vonage VG Stock Drops Double Digits on Vonage Subscriber LossesThe voice over IP (VoIP) network and SIP company reported adjusted earnings of $29 million for the second fiscal quarter of 2014, surpassing the year ago quarter’s $27 million in adjusted earnings.

Vonage had a net income of $6 million last quarter–the year-ago figure for net income was $7 million. The company suffered a drop in subscribers between the first and second quarter.

The gross subscriber line additions in the second quarter of 2013 stood at 155,412. That figure rose in the first quarter of 2014 to 191,413 but dropped back down to 172,346 last quarter.

VG stock is down about 14.25% Thursday afternoon.

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