Vonage CEO resigns, cost-cutting moves planned

madmatt

Awesome is as awesome does.
Political Access
Joined
5 Apr 2002
Messages
13,314
As some of you know Vonage is in some patent trouble. I personally have two Vonage lines and would hate to lose the great service that they offer. Here's more news.

Vonage Holdings Corp. CEO Michael Snyder resigned, the company said Thursday, at the same time announcing moves to cut costs.

Snyder resigned, and also quit the company's board of directors, Wednesday. Chairman and Chief Strategist Jeffrey A. Citron will fill in as CEO until a replacement is found.

The company announced plans to cut its costs by $140 million, including $110 million in marketing unnecessary expenses, in order to become more competitive.

Vonage can afford to cut back on customer recruitment: it is currently prohibited from signing up new customers as a result of a patent dispute with Verizon Communications Inc. Vonage spends $275 on marketing for each new customer signed up, it said.

The VOIP (voice over Internet Protocol) operator also plans to freeze staff recruitment, and to lay off 10 percent of its workforce during the second quarter, cutting costs by a further $20 million.

The company expects to report revenue for the first quarter of $195 million and 322,000 new customers signed up during the quarter. Allowing for departing customers, it expects to report a net gain of 166,000 subscribers. The company has around 2.4 million subscriber lines, bringing it an average monthly revenue per line of $28.17, it said.

Source: Network World
 

Members online

No members online now.

Latest profile posts

Also Hi EP and people. I found this place again while looking through a oooollllllldddd backup. I have filled over 10TB and was looking at my collection of antiques. Any bids on the 500Mhz Win 95 fix?
Any of the SP crew still out there?
Xie wrote on Electronic Punk's profile.
Impressed you have kept this alive this long EP! So many sites have come and gone. :(

Just did some crude math and I apparently joined almost 18yrs ago, how is that possible???
hello peeps... is been some time since i last came here.
Electronic Punk wrote on Sazar's profile.
Rest in peace my friend, been trying to find you and finally did in the worst way imaginable.

Forum statistics

Threads
62,015
Messages
673,494
Members
5,621
Latest member
naeemsafi
Back