eBay's Skype's growth in Q1 was solid, but nothing to crow about. Year-over-year revenue growth slowed from 166% in Q4 to 123% in Q1. User growth was also solid-but-decelerating, up 107% year over year.
All in all, the picture looks worse than it did last quarter. Skype now appears to be on track to do just under $400 million in revenue this year, down from about a $435 million trajectory last quarter.
No surprise, therefore, that Skype announced two mostly unrelated and unimpressive new-product initiatives last quarter: Skype Find and Skype Prime.
See my financial model for Skype.