Skype losing its voice?

eBay just reported its second quarter (Q2) 2007 earnings, and we are going to get to the details later, but lets just focus on Skype, that strangely seems to be making money even as it usage is flattening.
* New Registered Users, an ambiguous number at best, now stands at 220 million, versus 196 million at the end of the first quarter 2007. From Q4 2006 to Q1 2007, the new additions were 25 million. From Q1 to Q2 2007, the new additions were 24 million. Down One Million.
* Skype-to-Skype minutes: flat with Q2 2006 at 7.1 billion minutes, down about 8% from Q1 2007 (7.7 billion minutes.)
* Skype Out Minutes at the end of Q2 2007 came in at 1.3 billion for the quarter, flat with Q1 2007, even though up 57% year-over-year.
* The final and the most important metric revenues: $90 million up 18% vs $79 million in Q1 2007. That’s good.
But how is the revenue growing when everything is either trending down or flattening. More importantly, is the operation making any money? They never-ever talk about that! Apparently it is making money, an eBay spokesperson tells us – and points to this line in the press release: “Skype continues to grow rapidly, while delivering segment profitability for the second quarter in a row.”
Oops! Talk about not reading the release carefully.