MagicJack VocalTec Ltd. (CALL:US), the Israeli company whose founders invented the technology for Internet- based phone calls, said fourth-quarter sales will exceed analysts’ estimates.
The company that offers voice-over Internet telephone services will post sales of more than $39 million in the fourth quarter, Chief Executive Officer Daniel Borislow said, surpassing (CALL:US) the $38.85 million average estimate of two analysts surveyed by Bloomberg.
“We’ve had a breakout year, we’re having a great fourth quarter” Borislow said today by phone from West Palm Beach, Florida.
Shares of the Netanya, Israel-based company rose 3.6 percent to $16.29 at 3:04 p.m. in New York, pacing a 33 percent retreat this quarter, the biggest slump in four years.
“It’s the biggest mystery of my business career,” Borislow said about the stock plunge.
MagicJack’s YMax Communications subsidiary (CALL:US) settled all disputes with Verizon Communications Inc. (VZ:US), the company said in a filing (CALL:US) today. Following the agreement, there’s “definitely a better chance of a settlement” with AT&T Inc., he said.
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