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Level 3 Cuts Loss Again, But Revenue Slips

By Craig Galbraith
October 30, 2013 - News

Level 3 reported cutting its net loss significantly from the year-ago quarter.

In its quarterly earnings statement released on Wednesday, the Broomfield, Colo.-based communications service provider said its loss for the third quarter was $21 million. That might not sound great, but that number is more than 85 percent lower than the $166 million in lost in Q3 2012. That follows an improving trend – its loss in the second quarter was $24 million, down from $62 million in Q2 2012.

Total revenue in the third quarter was just shy of $1.57 billion, matching its number from the second quarter and down slightly from $1.59 billion in the year-ago quarter.

The bright spot was core network services. Revenue in that segment grew almost 3 percent year-over year, to $1.4 billion, and 1.7 percent over Q2 2013. Within that, the enterprise segment was up 7.4 percent from a year ago.

"We had another solid quarter, with continued growth in enterprise core network services revenue," said Jeff Storey, president and CEO of Level 3. "Our secure and reliable solutions are helping our customers manage the complexities of their IT environments. These customer-focused solutions are driving demand for our services and we see the continued opportunity to grow market share."

Level 3 announced in August that it was cutting almost 7 percent of its workforce in an attempt to "achieve profitable growth." The company has burdened with billions of dollars in debt for years.

Follow senior online managing editor @Craig_Galbraith on Twitter.

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