Qwest cites competition in 24 percent income decline
Byy Steve Raabe
Wednesday, August 6, 2008
Last Updated: 08/06/2008 09:10:02 AM MDT
Denver-based Qwest reported a 24 percent drop in net income for
the second quarter as the company lost phone customers to cable
and wireless providers.
"Under more challenging conditions in some of our markets,
operating results were mixed," said Qwest CEO Ed Mueller.
Net income fell to $188 million, or 11 cents a share, compared
to $246 million, or 13 cents a share, in the same period last
year. Sales declined 22.3 percent to $3.38 billion.
Qwest said it gained more broadband Internet subscribers, 31,000
in the second quarter, although it represented a smaller
increase from 90,000 new broadband customers in the first
The company lowered its forecast for full-year revenue and
profits. Total revenue is expected to decline as much as
2.5 percent, while earnings before taxes, interest and
depreciation will fall 1 to 2 percent from the $4.6 billion
reported in 2007.
Raabe: 303-954-1948 or