Qwest Profit Falls 49% In Fourth Quarter

By: Associated Press
By: Associated Press
To join the conversation on this story and others, "like" our KKTV 11 News Facebook page!

DENVER (AP) -- Denver-based phone company Qwest Communications says its fourth-quarter earnings fell 49 percent from a year ago, mainly due to tax effects -- while cost-cutting improved its underlying performance.

Qwest said today that it earned $185 million, or 11 cents per share, from October through December. That's down from $366 million, or 20 cents per share, a year earlier.

Analysts polled by Thomson Reuters expected earnings of 10 cents per share.

The latest results included a charge of a penny per share for severance payments. The company cut 1,700 jobs in the quarter.

Qwest Chief Executive Edward Mueller says the company exceeded its goal "in achieving employee reductions" that will give it "a leg up on this year's profitability objectives."

KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.

If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.

powered by Disqus
KKTV 520 E. Colorado Colorado Springs, CO 80903 Office: (719) 634-2844 Fax: (719) 632-0808 News Fax: (719) 634-3741
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 39388927 - kktv.com/a?a=39388927
Gray Television, Inc.