This is the first internet telephony company to go public. After constant revenue increases over the past couple of years they are still making a loss. The CEO claims their losses equals their marketing expense. The company reported a net loss of $189 million over a period of nine months last year, which is just a staggering amount of money spent on marketing. It will be interesting to see in what direction the company goes from here. If they continue to spend such large amounts on marketing without decreasing their loss, the stock price is bound to go down. Hopefully they have a better strategy for using the money they raise from the IPO besides spending it solely on marketing. At $17 a share it should be an interesting watch the next couple of weeks.