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Qwest Profit Slightly Exceeds Estimates; Revenue Falls Short


07/08/2008

America’s third biggest telephone operator, Qwest Communications, reported second-quarter profits of $188 million ($0.11/share) yesterday, beating average estimates of $0.10/share, but falling short of $246 million ($0.13/share) in the same period last year.

The company’s overall revenue came in at $3.38 billion, slightly below estimates, and down 2% from the second quarter of 2007.

Qwest says that “solid” performance from its business division was offset by declining consumer and wholesale revenue. The company expects gross revenue to decline by as much as 2.5% this year, as American consumers increasingly ditch their landline telephones in favour of cell phones and VoIP.



 

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