Why Vonage Holdings' Stock Fell 17% This Morning
Shares of Vonage (NYSE: VG) fell as much as 16.8% on Wednesday morning, recovering to a milder 15.5% downside as of 10:50 a.m. EST. The provider of cloud communications services for businesses posted third-quarter results before the opening bell, largely leaving investors unimpressed.
Vonage's third-quarter revenues rose 15% year over year to $302.5 million, just below Wall Street's consensus target at $302.9 million. The company saw an adjusted net loss of $0.02 per diluted share, down from a profit of $0.09 per share in the year-ago report and far below the analyst consensus, which had pointed to a $0.07 profit per share.
Image source: Getty Images.
Source Fool.com
