Qwest loss widens to $3.31 billion; shares tumble to a 52-week low
Article Abstract:
Qwest Communications International Inc. reported a second-quarter net loss of $3.31 billion, causing shares to drop 5.3% to $27.05. Qwest said it would have reported a profit of $128 million, if not for $3.11 billion in investment write-downs, charges of $415 million for mergers, a noncash charge of $222 million and $27 million in one-time gains. Qwest said its earnings before Ebidta were up 30%. The firm expects to meet the lower end of analysts' expectations for the year, but some skeptics point to high accounts-receivable levels and the troubled economy as possible obstacles to meeting this goal.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 2001
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Verizon posts quarterly loss of $1 billion
Article Abstract:
Verizon Communications Inc. reported a second-quarter loss of $1 billion. The national economic slowdown and a general lag in the telecommunications industry as a whole contributed to the company's downfall.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 2001
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BellSouth, despite slide, still likes Qwest stake
Article Abstract:
After the attempt to take over Frontier Corp, Qwest Communications stock prices dropped, enough to think that large shareholders like BellSouth would drop their stakes. But, BellSouth is determined to hang on. The reason for sticking to it is admirable. The CEO of BellSouth, Duane Ackerman, says that the reason they invested in Qwest is not for their current status, but for what they plan to become in the future, a global telecommunications corporation.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1999
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