Credit:
Vonage is sinking fast. Today the VoIP provider's CEO Michael Snyder resigned, and a series of cost-cutting measures were announced, including layoffs. Vonage recently lost a patent case to Verizon, and it looked as though they wouldn't be able to take on new customers. On the upside, investors seem to approve of the announcements, with shares up by as much as 13 cents in premarket trading. However, the stock is still only trading at $3.15, compared to more than $17 this time a year ago.
They're saving money on deckchairs, but the Titanic is still going down.