Minutes of use on The iBasis Network in Q3 rose to 1.3 billion, a 49% increase over the 866 million minutes carried in Q3 2003, and a 16% increase over the 1.1 billion minutes in Q22004. Average revenue per minute remained stable at 5.5 cents per minute in Q3 2004, the same as in the second quarter 2004. Average revenue per minute is based on our reported net revenue divided by minutes of traffic.
In Q3, Tier One carrier customers generated approximately 43% of iBasis Wholesale VoIP revenue, compared to 44% in Q2 2004. As VoIP has become the preferred wholesale transport technology, and as local and emerging alternative carriers have grown their share of retail traffic, the portion of our traffic that comes from Tier One carriers has become less meaningful as a measurement of our performance.
Financially, iBasis reported Q3 revenue of $70.4 million, compared to $44.0 million for the third quarter of 2003. Net loss for the third quarter of 2004 was $1.0 million, or $(0.02) per share, compared to net loss for the third quarter of 2003 of $5.6 million, or $(0.13) per share.
At the end of the quarter, iBasis had 287 customers, up from 277 at the end of the second quarter. http://www.ibasis.net
