Qwest net 3rd-quarter loss widened to $214 million from $142 mill...
Qwest net 3rd-quarter loss widened to $214 million from $142 million loss year earlier as revenue fell 13.2% to $3.8 billion. Company attributed drop to competitive pressures in local and long distance services, continued economic factors and reductions in…
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data and IP services due to its efforts to eliminate what it said were less-profitable businesses. Losses appeared to cross all of Qwest’s segments, with business services revenue down 5.8%, consumer services 9.2%, wholesale services 20% excluding $133 million in optical capacity asset revenue that was subject to restatement. On brighter side, Qwest CEO Richard Notebaert said company “took significant steps to strengthen the company’s balance sheet and address liquidity concerns” in 3rd quarter. Qwest CFO Oren Shaffer said senior management was “creating an efficient and disciplined company” while “we continue to de- emphasize low-margin businesses and drive costs out of our core operations.”