Qwest posts third-quarter loss on flat revenues

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Denver--Reeling from the weak economy and slower sales in the wireless and data services markets, voice and data service company Qwest Communications Inc. on Wednesday posted a third-quarter loss on flat revenues. The company, which acquired "Baby Bell" U.S. West Inc. in June 2000, reported a net loss of $142 million, or 9 cents a share, compared with a loss of $258 million, or 15 cents a share, a year ago. Qwest, which dominates local telephone service in 14 states from Minnesota to Washington, said total revenues of $4.77 billion were flat compared to a year ago. Last month the Denver-based company cut its revenue forecasts through 2002 and said it would shed 4,000 jobs, or 6% of its work force, as the sluggish economy tempered sales to both businesses and consumers.
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