Dec. 26 (Bloomberg) -- MagicJack VocalTec Ltd., 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 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 settled all disputes with Verizon Communications Inc., the company said in a filing today. Following the agreement, there’s “definitely a better chance of a settlement” with AT&T Inc., he said.
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