InternetVonage's subscriber growth grinds to a halt (AP)

AP - Vonage Holdings Corp.'s subscriber growth nearly ground to a halt in the second quarter, as the Internet telephone company said Thursday it gained just 2,000 lines in the period.

NEW YORK - Vonage Holdings Corp.'s subscriber growth nearly ground to a halt in the second quarter, as the Internet telephone company said Thursday it gained just 2,000 lines in the period. Chief Executive Officer Marc Lefar said the company made some progress in keeping its existing customers, but a pullback in TV advertising led to lower recruitment of new customers. The company had underestimated, he said, how much traffic the TV advertisements were driving to its Web site and other recruitment channels. Vonage posted a quarterly loss of $6.9 million, or 4 cents per share, compared with a loss of $23.2 million, or 15 cents per share, in the same period a year ago. Sales were $228 million, up 11 percent from last year. Analysts polled by Thomson Financial had expected a loss of 6 cents per share on $227 million in revenue. The company was a pioneer in Internet telephone service, supplying customers with adapters that let them plug their home phones into their broadband connections. It added hundreds of thousands of customers per quarter as recently as two years ago, but growth tapered... [ Read more on www.yahoo.com ]

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