Qwest more than doubles Q2 net income
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.