Level 3's (Nasdaq: LVLT) ongoing moves to contain costs helped drive up its consolidated Q2 2011 revenue to $932 million, up from $929 million for the first quarter 2011 and $908 million for the second quarter 2010.
Despite seeing a rise in overall revenue, the company was hit with a wider than expected loss.
During the quarter, Level 3 reported a loss of $181 million, or $0.11 per share. This was wider than the $169 million, or 10 cents per share, loss it reported in Q2 2010.
The service provider also had to deal with $14 million in costs associated with its pending Global Crossing acquisition.
One of the continued sources of growth for Level 3 is its core services. Level 3 Core Network Services revenue increased about 2 percent from $729 million in the first quarter 2011 to $744 million in the second quarter 2011.
Level 3's overall Q2 2011 communications revenue was $913 million, about the same as the $914 million it posted in the first quarter 2011 and up from the $892 million it notched in the second quarter 2010.
The star performers of Level 3's core network services portfolio continue to be wholesale, large enterprise and federal, and mid market, which all rose in Q2.
Wholesale revenues increased from $351 million in Q1 2011 to $358 million, Large Enterprise and Federal and Mid-Market rose from $144 million to $148 million, and Mid-Market rose from $155 million to $158 million.
Sunit Patel, executive vice president and CFO of Level 3, said in the company's earnings release that wireless, content, financial services and Government customers all performed well in the second quarter.
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