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News > Technology
Qwest profits tumble
July 24, 2001: 6:41 a.m. ET

Telecom's revenue rose after US West merger; profit drop met forecasts
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NEW YORK (CNNfn) - Qwest Communications International Inc. said Tuesday its second-quarter profit tumbled 50 percent, matching forecasts on Wall Street.

The telephone company said it earned $128 million, or 8 cents a diluted share, excluding special items – in line with the forecast of analysts surveyed by First Call – and down from $255 million, or 15 cents a diluted share, a year earlier. The 2000 results were restated as if Qwest and its acquired Baby Bell US West had been merged in the year-earlier period.

Revenue rose 12.2 percent to $5.2 billion from $4.7 billion.

Qwest (Q: Research, Estimates) stock lost $1.45 to $28.55 Monday. graphic




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