Internet phone giant Vonage narrowed its fourth-quarter loss to $65 million as revenue nearly doubled with the addition of nearly 1 million customers during 2006, an Associated Press report said.
The Associated Press report said the loss of $0.42 per share for the final three months of 2006 was in line with estimates of Wall Street analysts surveyed by Thomson Financial.
The report said in the fourth quarter of 2005, Vonage posted a loss of $72 million, or $51.55 per share, because the company had not yet sold its shares to the public, the report said.
Fourth-quarter revenue rose 91% to $181 million, from $95 million in the year-ago period.
Investors frowned at the report, sending Vonage's shares to an all-time low, the report said.
Vonage said its customer base grew by 166,000 subscribers in the quarter to end 2006 with 2,224,000 subscribers, the report further said.