Wednesday, August 01, 2007

Qwest doubles profit on flat revenue

Net income more than doubled for Qwest in the 2nd Quarter to $246M even with flat revenue of $3.46B. Qwest cut operating expenses by 4% (now $2.93B). (That means worse service). Their former CEO (Nacchio) is going to jail and paying $50+M in fines and fees. Current CEO Notebeart is retiring.
Qwest said its bundle penetration increased to 60 percent in the second quarter, up from 54 percent in the year-ago quarter. Qwest also has completed half of its planned $2 billion share buyback and eliminated $356 million in debt. [source]

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