Why Vonage Holdings Stock Jumped Tuesday
Shares of cloud-based communications services company Vonage Holdings (NYSE: VG) jumped on Tuesday, rising as much as 13.5%.
The stock's gain follows Vonage's second-quarter earnings release, which included better-than-expected revenue and earnings per share.
Vonage's revenue rose 15% year over year to $298 million, easily beating analysts' average forecast for revenue of $290.6 million, according to data from Yahoo! Finance. Revenue growth was fueled by a 35% year-over-year increase in Vonage business revenue, bringing total Vonage business revenue to $200 million. Notably, business services revenue (a subsegment within Vonage business revenue) increased 41% year over year to $180 million. Consumer revenue decreased 13% year over year to $98 million.
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