Vonage CEO resigns, cost-cutting moves planned

madmatt

Bow Down to the King
Political User
Joined
Apr 5, 2002
Messages
13,312
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

Perris Calderon wrote on Electronic Punk's profile.
Hey ep!

All good with me, applying for microsoft mvp right now, should have done this a while ago.

Notifications don't work, I only found your response by comming back to hunt up some threads, if you want, give me your email address so we can keep in touch easier, mine is perriscalderon at gmail
Perris Calderon wrote on Electronic Punk's profile.
Ep, glad to see you come back and tidy up...did want to ask a one day favor, I want to enhance my resume , was hoping you could make me administrator for a day, if so, take me right off since I won't be here to do anything, and don't know the slightest about the board, but it would be nice putting "served administrator osnn", if can do, THANKS

Been running around Quora lately, luv it there https://tinyurl.com/ycpxl
Electronic Punk wrote on Perris Calderon's profile.
All good still mate?
Hello, is there anybody in there? Just nod if you can hear me ...

Forum statistics

Threads
61,974
Messages
673,294
Members
89,042
Latest member
Pancake