(Qwest earnings article updated with stock price movement)
DENVER, Colo. (
has reported fourth quarter earnings that missed expectations, but expects to report improving revenue comparisons over 2010.
Qwest says it expects to report improving revenue comparisons over the course of 2010 with the year-over-year decline improving to a low- to mid-single digit rate by the fourth quarter. The company foresees achieving full year 2010 adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) in a range of $4.3 to $4.4 billion.
Qwest net income was $108 million, or 6 cents a share, compared to $177 million, or 10 cents a share, in the fourth quarter of 2008. Qwest also reported operating revenue of $2.99 billion in the fourth quarter, compared with $3.315 billion the year before. Analysts had expected earnings of 8 cents a share on revenue of $3.02 billion.
Qwest added that it has seen a decline in legacy services, much of it due to lower demand for voice services.
Qwest stock is up 1.6% at $4.50.
-- Reported by Andrea Tse in New York
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