In addition to meeting the Street's expectations of increased profits, WorldCom plans to reinvent itself as a "data and Internet focused, high-growth business and a voice-based, high cash flow business."

WorldCom's plan to evolve into this new entity will focus on its data and Internet operations and try to protect itself from price wars and competition in the long-distance market.

WorldCom profits increased to $1.4 billion, up from $1.1 billion at the time last year. Despite the rise in profit, the stock has dwindled from trading in the $50s a year ago to Thursday's open at $23 3/8.