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Level 3 Communications posts wider 3Q loss

Level 3 Communications posts wider 3rd-quarter loss; revenue disappoints

  • On 9:23 am EDT, Wednesday October 28, 2009

BROOMFIELD, Colo. (AP) -- Level 3 Communications Inc. posted a bigger third-quarter loss Wednesday as businesses continue to put off spending on its Internet networking services.

The company lost $170 million, or 10 cents per share in the quarter ended Sept. 30, compared with a $129 million, or 8 cents per share, loss a year earlier.

Sales fell 14 percent to $916 million.

The loss was in line with Wall Street forecasts, but analysts expected revenue of $926.3 million, according to a Thomson Reuters survey.

Level 3 said it saw the rate of decline in its core network services business slow during the quarter.

The company reiterated its full-year forecast for earnings before interest, taxes, depreciation and amortization, expecting $900 million to $950 million.

Shares fell 7 cents, or 5.2 percent, to $1.29 in premarket trading.

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