|
Skype does not have 100 million users. They may have had that many downloads of their software, but their active user base is closer to 2 million. They have admitted to having 1.1 million Skype Out customers, but since they do not offer a recurring revenue model -- users buy "credits" -- there really isn't much of a valuation on those customers. If the Vonage IPO has taught us anything, consumers are not forgetting the bubble burst of 2000 when companies like pets.com were trading at 40x their net worth. People were fooled once...they will not give the time of day to companie that are not profitable.
|