Level 3 Communications Inc. (LVLT) still is losing money, but at least not as much as Wall Street had feared.
The Colorado carrier on Thursday reported $120 million in losses during the third-quarter, compared to losses of $174 million a year earlier. Sales, however, improved only slightly. Level 3 reported $1.07 billion in revenue; it had $1.06 billion in the year-ago quarter.
James Crowe, president and CEO of Level 3, said he’s optimistic about the company’s future. Despite the current economic environment, he said, “We believe that our extensive fiber-based network and full suite of services position us well to attract additional market share."
Nonetheless, Wall Street didn’t seem convinced. Level 3’s shares were trading downward at mid-morning Thursday, fluctuating between drops of 34 and 36 percent.
