From today's Form 10-K:

"Communications net revenues totaled $44 million in Q2-06, representing a 26% increase from the $35 million reported in Q1-06."

The trend: large but linear. Skype's net transaction revenues six months' ago were $24.8 million (q4-2005). Linear growth means Skype's viral spread is offset by switching to a rival or people just dropping out.

The number of Skype accounts is growing slower than revenue.

Registered Users -- Communications had a cumulative total of 113 million registered users at the end of Q2-06, representing a 20% increase from the 95 million in Q1-06. Communications registered users represent the number of unique user accounts created on Skype.

So Skype is picking up about 6 million accounts monthly, worldwide. Now any other new softphone would kill and get VC money for numbers like this. But Skype is shooting for 200 million accounts by year end. At this rate they'll only make 149 million.

How about U.S. growth? 86% of Skype's revenue remained international, down a hair from 87%. This just means that Skype's growth in the United States, the great untapped market, is matched elsewhere. Let's assume 86% of the new accounts are international, just like the revenue. This means Skype's been picking up 840,000 new US users per month. Big in absolute terms but small as a percent of all US people online or even eBay customers. The U.S. market will need a promotional shove to grow faster and catch up.

Do you think the North American challenge may have factored in promoting Henry Gomez, former eBay Chief Marketing Officer, to be Skype's CMO? Or in offering the promotion of free SkypeOut in Canada and the States until year end?

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