Qwest Cuts Loss, expensesThe Communications Company Reported That It Lost $144 Million on Revenue of $3.5 Billion in the Third Quarter.
Posted on: Wednesday, 2 November 2005, 18:00 CST
By Virgil Larson
Qwest Communications combined a 1.6 percent increase in revenue, a 9 percent drop in operating expenses and a reduction in its "other expense" category to produce a smaller loss in the third quarter than it reported a year ago.
The loss for the three months that ended Sept. 30 was $144 million, 8 cents a share, on revenue of $3.5 billion, the company reported today. In the third quarter last year, the loss was $569 million, 31 cents a share, on revenue of $3.45 billion. Operating expenses were $3.3 billion, down from $3.62 billion in the 2004 quarter.
Special items -- charges for things such as restructuring and expenses of firing employees -- accounted for only a penny a share of this year's loss. The figure was 16 cents a year earlier.
For the first nine months of the year, losses were cut to $251 million, 14 cents a share, from $1.66 billion, 92 cents in 2004. Revenue grew less than 1 percent, to $10.42 billion.
Qwest cut 2,915 jobs between Sept. 30, 2004, and the end of this year's quarter, leaving a work force of 39,767.
Revenue from phone services fell about 3 percent to $2.3 billion while that from data and Internet services grew 13 percent to $1.07 billion. The number of subscribers to its data and DSL Internet services grew 40 percent to 1.34 million, but the number of phone lines continued to drop.
Qwest shares fell 1 cent to close at $4.35.
Source: Omaha World - Herald
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