Voice-over-IP hardware and service provider magicJack VocalTec has adjusted its expectations upward for Q4, the company announced in a press release. magicJack now anticipates that it will post an operating profit exceeding $0.70 per share for the quarter, or approximately $13 million in total. The company said this is due to a reduced share count, higher sales, and lower expenses.
Additionally, magicJack announced in a separate statement that it has named a new CEO. Gerald T. Vento is to replace the company's often-controversial founder, Dan Borislow, effective Jan. 1. Vento is a longtime telecom sector executive; most notably he was the founder, chairman, and CEO of TeleCorp PCS. That company was sold to AT&T in 2002.
The article magicJack Raises Outlook, Replaces CEO originally appeared on Fool.com.
Eric Volkman and The Motley Fool have no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.