Why slump?, page-19

Glad to see you talk about YOY growth. Seems like the market is just looking at it on a quarter by quarter basis which is severely distorted by seasonal factors.

Looking at the growth on from the prior corresponding quarter, ICQ growth looks to be in a good trend to me.

Yes expenses was higher than expected last quarter, but I'd be more worried if they tried too hard to cut back on expenses to meet a short term target at the cost of meeting their longer term goals.