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Level 3 3Q misses analyst expectations

BROOMFIELD, Colo. -- Shares in Level 3 Communication shares slipped Wednesday after the Internet services company reported a deep third-quarter loss and less revenue than Wall Street expected.

The Broomfield, Colo., company said it lost $166 million, or 76 cents per share, on about $1.59 billion in revenue. That loss totaled 26 cents per share, not counting hits of $60 million from an interest rate swap agreement and $49 million from debt extinguishment.

Analysts surveyed by FactSet expected, on average, a loss of 20 cents per share on about $1.6 billion in revenue.

Company shares fell 3.3 percent, or 73 cents, to $21.51 Wednesday afternoon.

Level 3 Communication Inc. has customers in 45 countries and also specializes in high speed data links and the delivery of voice and other network traffic.

Last year, it lost $207 million, or $1.75 per share, in the third quarter on $927 million in revenue. That quarter ended before the company completed its $2 billion acquisition of long-distance telecommunications provider Global Crossing.

If the companies had been combined during last year's quarter, they would have reported a loss of $224 million, or $1.08 per share, on $1.61 billion in revenue, according to Level 3.