Level 3 Communications Inc. reported a slight increase in its first-quarter revenues from the previous quarter thanks to enterprise sales.
Revenues grew to $1.586 billion from $1.579 billion in the fourth quarter of 2011. Level 3 narrowed its quarterly loss to $138 million or 66 cents per share, down from $235 million, or $1.15 per share, in the fourth quarter of 2011.
Core network services (CSN) revenues increased to $1.382 billion from $1.368 billion while wholesale voice and other revenues declined to $204 million from $211 million. Enterprise revenues in the CSN business grew to $875 million from $851 million while wholesale revenues fell by $10 million to $507 million.
Within the CSN business, Colorado-based Level 3 reported modest sequential growth in North America ($991 million vs. $976 million) and Latin America ($172 million vs. $168 million). Revenues in Europe, Middle East and Africa fell to $219 million from $224 million, but Level 3 said the decline marked an improvement compared to the prior quarter’s loss.
“We believe that the EMEA business now has stabilized, and is positioned for sequential growth,” Level 3 CFO Sunit Patel said.