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Article: Vonage slides in first trading day Internet phone company's IPO stalls on competition concerns
- Article from:
- International Herald Tribune
- Article date:
- May 25, 2006
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International Herald Tribune
05-25-2006
Shares of Vonage Holdings shares fell sharply on their first day of trading after the Internet phone company's $531.3 million initial public offering. Vonage, which has attracted 1.6 million subscribers, faces competition from larger companies like AT&T and Comcast. The company has had losses totaling $361.2 million in the past three years. Cable-television and phone companies provide the high-speed networks needed by Vonage customers, giving them an advantage in selling similar services. ''This is a company that is losing a tremendous amount of money,'' said Kathleen Smith, founder and principal of Renaissance Capital. ''They're buying their ...