Level 3 Communications Inc., the money-losing U.S. phone operator, posted first-quarter sales that missed analysts’ estimates and said it plans to cut 150 jobs this quarter, sending the stock down 14 percent.
The recession is forcing customers to disconnect lines, and “revenue pressure” will continue this quarter, Chief Financial Officer Sunit Patel said in a statement. The company, which cut more than 1,400 jobs last year, swung back to a loss after reporting its first profit since 2003 in the previous quarter.
Source: Bloomberg
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