Global Crossing 3Q Loss Widens

FLORHAM PARK, N.J. (AP) — Bermuda-based telecommunications company Global Crossing Ltd. said Wednesday that its third-quarter loss widened as revenue slipped 4 percent.

For the quarter that ended Sept. 30, Global Crossing reported a loss of $74 million, or $1.23 cents per share, compared with a loss of $73 million, or $1.30 per share, in the year-ago quarter.

The company calculated its per-share loss with a greater number of shares in the most recent quarter, diluting per-share results.

Analysts polled by Thomson Reuters, who generally exclude one-time items from their estimates, expected a loss of 64 cents per share.

Revenue fell to $643 million from $669 million last year, but came in ahead of analyst expectations for $642.1 million.

Revenue from enterprise, carrier data and indirect sales fell to $553 million from $562 million, while carrier voice revenue fell to $89 million from $106 million.

Looking ahead, Global Crossing reiterated its guidance for $2.50 billion to $2.60 billion in revenue for the full year. Analysts expect $2.54 billion in revenue, on average.

Shares fell 83 cents, or 6.1 percent, to close earlier at $12.72.