magicJack Raises Outlook, Replaces CEO
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.
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