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NEW YORK (TheStreet) -- Shares of Level 3 Communications (LVLT) are up 3.9% to $46.67 today after the communications company posted higher than expected second quarter profit, citing gains in its core network services revenue in North America and Latin America.

For the second quarter, Level 3 reported $1.63 billion in revenue, a 3.8% increase from the same quarter the previous year, and higher than the consensus of $1.6 billion. 

The company posted earnings of $51 million, or 21 cents a share, performing better compared with a year-earlier loss of $24 million, or 11 cents a share.

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Excluding items such as the loss for the devaluation of the Venezuelan Bolivar, the company generated basic and diluted net income per share of 37 cents, beating the Thomson Reuters consensus estimate of 31 cents.

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