Tough market shrinks WorldCom figures
US telecoms company WorldCom has posted a loss for its first quarter, pointing to a decline in business from corporate customers...
Shifting the landscape of gender and diversity
The number of women in tech in Europe is an average of 16%. This guide offers a collection of articles highlighting some of the prominent issues surrounding increasing the number of women in the IT industry.
By submitting your personal information, you agree that TechTarget and its partners may contact you regarding relevant content, products and special offers.
You also agree that your personal information may be transferred and processed in the United States, and that you have read and agree to the Terms of Use and the Privacy Policy.
WorldCom, comprising the company's Internet services businesses as well as corporate telephone and international businesses, reported a net income of $184m (£127m) for the quarter ended 31 March, which included a $90m (£62m) after-tax charge associated with the disposition of investments.
Last year's net income for the same quarter was $532m (£366m).
Revenue for the quarter was $5.1bn (£3.5bn), a 2% decline from the same period a year ago. Data and Internet services revenues fell by about 1% to $2.75bn (£1.89bn), while revenue from the company's voice business dropped 12% on a 2.5% decrease in calling volume.
WorldCom said the telecoms services market was still "unpredictable," and forecast full-year revenue for 2002 of between $21bn (£14.46bn) to $21.5bn (£14.8bn).
WorldCom's MCI group, the long-distance and consumer-services division spun out last year as a tracking stock, posted a first quarter net loss of $54m (£37m).
WorldCom was able to cut its net debt in the first quarter by $903m (£622m) to $27.9bn (£19.2bn), the company said.
Earlier this month, WorldCom said it was cutting 3,700 jobs from its data services division.
Start the conversation
0 comments