Level 3's revenue slide continues in Q2

There's not a lot to like about Level 3 Communications' second-quarter performance as the company reported a $134 million loss. The competitive wholesaler reported that Q2 2009 consolidated revenue was $942 million versus $1.09 billion during Q2 2008. Level 3 attributed the lower revenue figures to the fact that the economy has prevented new customers to purchase more of its wholesale networking services. During the quarter, Level 3's net loss was $132 million, or ($0.08) per share, while consolidated Adjusted EBITDA was $229 million, compared to $251 million in the second quarter of 2008.

Level 3 saw losses across all of its wholesale communications service segments. Overall second-quarter communications revenue was $296 million versus $1.05 billion in 2008. The company's core communications service business, which includes its Network Services and Wholesale Voice Services, also saw an 8 percent decline to $877 million. However, the company did have a slight gain from the $96 million sale of its Vyvx advertising business unit.

For more:
- Here's the official release
- Xchange has this article

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