Why Vonage Stock Is Soaring Today

Shares of Vonage (NYSE: VG) are soaring today, up by 12.5% as of 2:05 p.m. EST, after the communications specialist reported third-quarter earnings. The results topped consensus estimates and the company is making progress on its efforts to sell its consumer business.

Revenue in the third quarter was $317 million, topping the consensus analyst estimate of $308.3 million. That resulted in adjusted net income of $17 million, or $0.07 per share, compared to the $0.03 per share in adjusted profits that Wall Street was expecting. The communications company announced a new initiative to review its operations in an effort to improve efficiency and drive profitability.

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Source Fool.com