Global Crossing Posts Wider 1st-Quarter Loss
Global Crossing Ltd., owner of a worldwide phone and data communications network, reported a wider first-quarter loss on higher expenses, but the results were better than analysts expected.
The loss was $615.9 million, or 76 cents a share, compared with $474.7 million, or 64 cents, a year earlier, the company said. Per-share results reflect payment of preferred dividends. Pro forma sales, adjusted for acquisitions, rose 8.8% to $1.1 billion, the Hamilton, Bermuda-based company said.
Global Crossing spent more during the quarter to increase sales of communication service to businesses, helping raise total operating expenses 23% to $1.59 billion.
Global Crossing closed off 5 cents at $13.80 on the New York Stock Exchange, then rose as high as $14.87 after the results were released.
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