Qwest 1Q profit rises sharply, as the company cuts costs, sees data and Internet demand rise

Qwest Communications International Inc. said Tuesday its first-quarter profit nearly tripled to $240 million (euro176.4 million) despite lower revenue as the telephone company trimmed operating expenses and saw greater demand for Internet and data services.
The profit for the first three months of 2007 amounted to 12 cents per share. In the same period in 2006, Qwest earned $88 million, or 5 cents per share.
First-quarter revenue fell 1 percent to $3.45 billion (euro2.54 billion) from the year-earlier level of $3.48 billion.
Analysts polled by Thomson Financial forecast a profit of 9 cents per share on revenue of $3.49 billion.
Combined data, Internet and video revenue increased by 11 percent over the first quarter of 2006.
Qwest also said it enjoyed continued strength in mass markets, but that revenue growth from its wholesale divisions remained flat.
Qwest said operating expenses declined 6 percent.

Updated : 2021-01-28 21:04 GMT+08:00