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Qwest more than doubles Q2 net income

Wed, 08/01/2007 - 9:48am
Traci Patterson

Qwest reported a net income of $246 million for its second quarter, ended June 30, up from $117 million in the year-ago quarter, an increase of 110 percent, and a 3 percent improvement sequentially.

The company said its bundle penetration increased to 60 percent in the quarter, compared with 54 percent a year ago.

Qwest added 66,000 net DirecTV subscribers. The company ended the second quarter with 572,000 video subscribers, a 121 percent increase year-on-year.

Broadband subscribers grew by 100,000 in the quarter, to a total of 2.41 million, and mass markets data and Internet revenue increased 41 percent year-on-year. The company ended the quarter with 9.1 million mass markets access lines.

During the quarter, Qwest’s high-speed Internet was re-named "Qwest Broadband," and the service product names are now called "Qwest Connect."

CEO Dick Notebaert announced in June that he will retire. A search is underway for his successor, and an announcement is expected soon. During his tenure, Notebaert saved a troubled Qwest from bankruptcy amid a multibillion-dollar accounting scandal.

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