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Level 3 Grows Revenues, But Loss Widens

Revenues at Level 3 Communications rose in the third quarter over the year-ago period, but the communications company posted a wider net loss.

Broomfield, Colo.-based Level 3 on Wednesday reported consolidated revenues of $947 million, compared to $912 million in the third quarter of 2010.

In the three-month period ending Sept. 30, Level 3 lost $207 million, or $1.75 per share on a split-adjusted basis, or 12 cents per share before the global communications carrier implemented a 1-for-15 reverse stock split last month and transferred its shares to the New York Stock Exchange. In the third quarter of 2010, Level 3 posted a net loss of $163 million, or $1.47 per share on a split-adjusted basis, or 10 cents per share before the reverse stock split.

Level 3 is now a significantly bigger company after closing its acquisition of Global Crossing on Oct. 4.

Shares of Level 3 were trading Thursday at $22.66 as of 12:08 p.m. ET.


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