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Level 3 Communications posts smaller 3Q loss

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The Associated Press | October 30, 2013 02:22 PM EST | AP


NEWS: Internet and telecommunications company Level 3 Communications Inc. said on Wednesday that its third-quarter net loss shrank as revenue grew for its network services. The loss was smaller than what Wall Street had expected and Level 3's stock jumped almost 8 percent.

DETAILS: Revenue rose 2.9 percent to almost $1.4 billion in its Core Network Services businesses, which makes up the bulk of its business.

NUMBERS: Its net loss was $21 million, or 9 cents per share. A year earlier it lost $166 million, or 76 cents per share. Revenue fell 1.3 percent to $1.57 billion, from $1.59 billion a year earlier. The big decline was a $53 million drop in revenue from wholesale voice services. Analysts surveyed by FactSet had been expecting a loss of 14 cents per share in the latest quarter on revenue of $1.58 billion.

FUTURE: Its prediction was unchanged for various full-year 2013 financial metrics.

STOCK: Up $2.13 to $29.11 in afternoon trading. Earlier in the day the shares set a new 52-week high of $29.77.