Winstar Reports Narrowing Losses; Shares Surge
Shares of
Winstar Communications
(WCII)
surged after the company reported narrower-than-expected third-quarter losses, as well as 63% growth in third-quarter revenue.
The New York-based broadband services company lost $227.4 million, or $2.50 a share, compared with a loss of $178.9 million, or $2.18 a share, in the year-ago period. Third-quarter earnings this year were better than the 14-analyst estimate on
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First Call/Thomson Financial
, which expected a loss of $2.54 a share.
Quarterly revenue was $195.1 million, up 63% from the year-ago quarter revenue of $1$119.5 million.
In
Nasdaq
trading Wednesday, Winstar shares were up $5.63 or 25% to $28.
