Qwest posts 18% jump in 2nd-quarter earnings
By Andy Vuong
Posted: 07/29/2009 07:45:28 AM MDT
Updated: 07/29/2009 03:00:37 PM MDT
The Denver-based telecommunications company said today that it had net income of $212 million, or 12 cents a share, on revenue of $3.1 billion for the quarter.
The company posted earnings of $180 million on revenue of $3.4 billion during the same quarter a year ago.
Mike McCormack, a telecommunications analyst with JP Morgan, expected the company to post earnings of 9 cents a share on revenue of $3.1 billion.
Qwest has focused on growing broadband subscribers amid continuing declines in home-phone customers.
Total landlines dropped 11 percent to 10.9 million during the quarter, from 12.2 million a year ago.
At the same time, the company's high-speed Internet subscribers increased 7 percent, to 2.9 million from 2.7 million.
The company's operating expenses dropped roughly 8 percent to $2.6 billion from $2.8 billion.
Over the past year, Qwest shed more than 3,600 jobs, with total employees dropping to 31,509 from 35,111.
Andy Vuong: 303-954-1209 or firstname.lastname@example.org