Residential VoIP service provider Vonage has quietly set out to take back some of its lost ground by releasing an iPhone app to make calls over WiFi using its service. Just the rumor of the new app has sent Vonage stock on an upturn and today Apple confirmed that Vonage had indeed submitted an application for approval for release in the iPhone store.
Vonage has been in trouble pretty much steadily for the last three years with all kinds of regulatory issues, business issues and more recently it has been losing customers steadily. It doesn't seem likely that an iPhone app is going to turn that around, but apparently Wall St. thinks otherwise.
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