Qwest turns in anemic Q2
Qwest Communications reported net income of $188 million in its second quarter, less than the $246 million the company made in the second quarter of 2007, but an increase from the $157 million the company netted in the immediately prior Q1 ’08.
Revenue in the recently completed second quarter was $3.4 billion for the quarter, a decline of 2 percent year-over-year.
Qwest added 31,000 broadband subscribers to hit a total of 2.73 million, and it tallied a net addition of 22,000 customers for the satellite TV service it provides through DirecTV.
Qwest said it remains ahead of plan on its fiber-to-the-node (FTTN) build-out and now reaches more than 1 million potential customers. Qwest Titanium and Quantum broadband services feature connection speeds of up to 12 Mbps and 20 Mbps, respectively. In late July, Qwest began selling Verizon Wireless service to new residential and business customers, and the migration of existing Qwest-branded customers is expected to commence later this year.
Qwest knocked down its guidance for 2008 results. For the full year, total revenue is forecast to decline as much as 2.5 percent. Excluding wireless, revenue could decline by up to 2 percent, compared with $13.2 billion in 2007, the company said.
Separately, the company won some regulatory relief from the Federal Communications Commission (FCC), which lifted certain price restrictions on business data services. The FCC had extended the same relief to Verizon and AT&T.
More Broadband Direct: