First-quarter revenue for Vancouver's Verb Exchange Inc. (TSX-V:VEI) fell to $4.5 million compared with $5.2 million during the same quarter in 2007.
According to the provider of digital services for mobile phone, the 13% revenue drop for the period ending March 31 resulted from a temporary loss of certain service delivery routes and a reduction in the per-minute price for services affecting the entire industry. The bulk of Verb Exchange's revenue comes from providing wholesale calling rates for telecommunication firms.
The company also reported a larger quarterly net loss: $361,000 compared with $252,000 in 2007's first quarter.
Verb Exchange's share price range during the past week: between $0.27 and $0.29; 52-week high: $0.60; 52-week low: $0.085.