Genuity, company spun off by GTE before its merger with Bell Atla...
Genuity, company spun off by GTE before its merger with Bell Atlantic, said loss expanded to $284 million in 4th quarter from $183 million loss year earlier. Company attributed increased loss to network infrastructure investments and marketing and sales…
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initiatives. Genuity offers Internet infrastructure services to both ISPs and big telecom customers. “Genuity met its commitments for fourth quarter earnings despite a generally slowing business environment and the recent problems faced by some dot-com and service provider customers,” Genuity CEO Paul Gudonis said. “We felt the effects of this external environment in the form of softer new order growth and the need to add to our bad debt provision.” Company said revenue increased to $313 million in quarter, 55% up over last year. Genuity said AOL now represented 31% of its total revenue, compared with 47% in 4th quarter last year. Genuity also said: (1) It sold 19 Black Rocket Network Services Platforms in quarter. (2) DSL subscribers grew to 230,500, up 67% from 3rd quarter. For year, Genuity had $1.14 billion in revenue, up 61%, with net loss of $947 million.