Qwest Reports Loss on Low Demand
From Reuters
Qwest Communications International Inc., which faces a federal probe of its accounting practices, posted a second-quarter loss amid slack demand and lower sales of local phone service.
The dominant local phone company in 14 states from Minnesota to Washington said it lost more phone access lines as it was slow to respond to price competition and its limited wireless coverage failed to attract customers.
Qwest reported a net loss of $91 million, or 5 cents a share, including discontinued operations. In the first quarter of this year, profit was $128 million, or 7 cents. Revenue dropped to $3.6 billion from $3.63 billion.
Shares of Denver-based Qwest fell 24 cents to $4.40 on the New York Stock Exchange.
From Reuters
