BROOMFIELD, Colo.—Internet network provider Level 3 Communications Inc. says it narrowed its first-quarter loss, thanks to cost cuts that helped offset reduced revenue.
Broomfield-based Level 3 said Tuesday it lost $132 million, or 8 cents per share. That compared with a loss of $190 million, or 12 cents per share, a year ago. Sales fell 10 percent to $980 million from $1.09 billion.
Analysts polled by Thomson Reuters expected a loss of 8 cents per share and $1.03 billion in revenue.
Level 3 says its total cost of revenue dropped 5 percent to $407 million.
The company also says it plans to keep cutting costs and will slash 150 jobs during the next three months.
Shares of Level 3 dropped 10 cents, or 8.85 percent, to $1.03 in afternoon trading on the Nasdaq.
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