Savvis posts growing 3Q loss
Savvis posts growing 3rd-quarter loss as networking services unit shows declines
- On 2:18 pm EDT, Wednesday October 28, 2009
ST. LOUIS (AP) -- Savvis Inc. reported a growing loss for the third quarter Wednesday as revenue from its network services businesses declined.
Shares fell $1.22, or 7 percent, to $16.29 in afternoon trading.
The company said it lost $9.9 million, or 18 cents per share, compared with a loss of $3.8 million, or 7 cents per share, in the year-ago quarter.
Revenue fell 2 percent to $213.2 million.
Analysts expect a loss of 23 cents per share on sales of $213.5 million.
The company boosted its full-year outlook, now expecting $215 million to $220 million in earnings before interest, taxes, depreciation and amortization. That's up from a previous forecast of $195 million to $210 million.
But Chief Financial Officer Greg Freiberg added in a statement that, "We are still facing a challenging environment."
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