BROOMFIELD, Colo.—Level 3 Communications Inc.’s stock fell sharply Wednesday after it reported a net loss for the third quarter that was wider than analysts expected.
The Broomfield, Colo.-based company, which specializes in the delivery of Internet, voice and other network traffic, said its net loss grew to $207 million, or $1.75 per share, compared with a net loss of $163 million, or $1.47 per share, in the same period last year. The loss was bigger than the $1.51 per share that analysts polled by FactSet expected.
Some charges that weighed down the results included the repayment of debt, acquisition costs and other expenses.
Revenue rose 4 percent to $947 million, up from $912 million a year ago. Analysts expected $939.9 million, according to FactSet.
For the fourth quarter, the company reaffirmed its guidance for revenue growth in its Core Network Services division.
Shares of Level 3 fell $2.03, or 8 percent, to $23.36 in regular session trading after the results were reported.
