Network operator Level 3 Communications Inc. said today it narrowed its loss in the third quarter as revenue more than doubled.
The net loss totaled $138 million, or 12 cents per share, compared with a loss of $204 million, or 29 cents per share, in the third quarter of 2005. Revenue totaled $875 million, up from $384 million in the previous third quarter.
The most recent results reflected a gain of $33 million, or 3 cents per share, from Level 3’s sale of Software Spectrum unit.
Analysts surveyed by Thomson Financial predicted a loss of 14 cents per share on revenue of $916 million.
Level 3, which is based in suburban Broomfield, also issued a forecast for the fourth quarter, with communications revenue ranging from $785 million to $830 million and core communication revenue between $595 million and $605 million.
For the year, Level 3 forecast total communications revenue to range from $3.27 billion to $3.31 billion for the full year and core communications to range between $1.95 billion and $1.96 billion in revenue.
Level 3 sells wholesale dial-up and broadband Internet services over fiber-optic networks. Its stock declined 33 cents, or 5.6 percent, to $5.53 a share in morning trading on the Nasdaq Stock Market.
