Vonage (VG) reported fourth quarter revenue that rose 91% to $181 million. The company’s net loss fell slightly to $65 million. Not great, but better than a satellite radio company.

For the full year 2006, revenue hit $607 million. For 2007, the company believes that revenue will be $850 to $900 million.

The markets don’t think Vonage can make it. The stock has fallen from $17.65 to $5.84.

Wall St. assume that the "triple play" from cable (and soon telecom) which offers voice, TV, and broadband will be make selling VoIP alone a tough proposition.

If Vonage keeps growing at the current rate, it may prove the conventional wisdom is wrong.

Douglas A. McIntyre can be reached at douglasamcintyre@247wallst.com. He does not own securities in companies that he writes about.