Level 3 Quarterly Earnings Disappoint. Again.

Level 3 Communications Inc.’s (LVLT) quarterly losses aren’t slowing.

The Colorado-based CLEC on Thursday reported a $134 million loss for the second-quarter of 2009. That number compares to $43 million during 2008’s second quarter.

Similarly, Level 3’s revenue was down as fewer customers signed on for wholesale Internet networking services, thanks to the economy. Sales dropped 13.6 percent to $942 million, from $1.1 billion.

Nonetheless, Level 3 benefited from a $96 million gain because it sold its Vyvx advertising distribution unit.

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