Qwest Stock Falls on 2nd-Quarter Loss
Qwest Communications International Inc. reported a wider second-quarter loss, citing lower local telephone service sales and costs associated with litigation and job cuts.
Qwest posted a net loss of $776 million, or 43 cents a share, compared with a loss of $64 million, or 4 cents, in the second quarter of 2003. Revenue totaled $3.4 billion, down 4.3%.
Excluding special items, the company’s loss was 16 cents a share. Analysts surveyed by Thomson First Call had expected a loss of 13 cents a share.
Qwest shares fell 80 cents to $3.17 on the New York Stock Exchange.