I so called it! Vonage is totally creaking. Today, Michael Snyder, CEO of Vonage, stepped down from his position so that he, ya know, won’t be part of a company that fails. Rumor has it that plenty of other jobs have been cut over at Vonage as well, which is probably true when your stock is a whopping $3.11 a share.
Despite all the woes lately, Vonage still posted a decent Q1 earnings report of $195 million in revenue. Not too shabby, but the company is really starting to cut back on spending. Vonage has said it plans to save up to almost $150 million by cutting expenses and firing employees. Rats? Sinking ships?