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XO Communications Rising on Narrowed Loss

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XO Communications


was sharply higher in the preopen session after posting a narrowed third-quarter loss on various gains.

The Reston, Va., voice and data services provider said it lost $50.8 million, or 12 cents a share, in the third quarter, compared with a loss of $436.5 million, or $1.20 a share, in the year-ago period. Revenue was $331.5 million, up from $224.3 million a year ago.

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XO said that excluding the gains, which related to the repurchase of preferred stock and bonds, the company lost $734.7 million in the latest quarter.

The company's shares were recently up about 19% at $1.39 on Instinet.