Level 3 reports more revenue, less loss
Broomfield-based Level 3's (NYSE: LVLT) revenue for the quarter ended Dec. 31 was up from $1.6 billion in the same quarter a year ago. Losses in the most recent quarter shrank from $163 million in the fourth quarter of 2011.
The company is positioned for revenue growth in 2013 after firming up its balance sheet, James Crowe, Level 3's chief executive, said in a press statement accompanying the earnings report. The company's fiber-optic communications network carries Internet traffic for many Internet companies, including Google and Netflix.
In addition, Level 3 continues to integrate Global Crossing into its operations after buying the communications company in Florham, New Jersey, for $3 billion in 2011. Customer satisfaction scores improved over 2012 as the company worked hard to integrate its support to customers of both companies, Jeff Storey, president and chief operating officer of Level 3, said in the press statement.
Level 3 reduced its global workforce by about 4 percent in 2012, Storey said. At the same time, the company increased its sales force and added new products in the areas of managed services, managed security and professional services, Storey said.
Level 3 is Broomfield's largest employer, with 2,068 employees, according to the Broomfield Economic Development Corp. After the merger with Global Crossing, Level 3 had about 10,900 employees worldwide, according to an investor-relations report.
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