XO announced today that they carried over 2 billion minutes of VoIP traffic in Q4 of 2005, which was an increase of 22% over previous quarter.
Frankly, who cares how much network utilization XO has? The metric is all wrong. XO investors should care about the number of subscribers, and the dollars earned per subscriber. Per minute revenues are trending to zero. Announcing that the number of minutes carried has increased is like a cable company announcing that the number of bits carried has increased. What cable investors really want to know is revenue per subscriber.