AP
Qwest Earnings More Than Double
Wednesday August 1, 7:50 am ET
Qwest Earnings More Than Double As Sharply Reduced Operating Expenses Offset Weak Sales

DENVER (AP) -- Qwest Communications International Inc. said Wednesday second-quarter earnings more than doubled as sharply reduced operating expenses offset weak sales.
Net income rose to $246 million, or 13 cents per share, from $117 million, or 6 cents per share, in the year-ago period.

Analysts expected 15 cents per share, according to a Thomson Financial poll.

Revenue slipped to $3.46 billion from $3.47 billion last year, slightly beneath analyst expectations of $3.47 billion. Operating expenses declined 4 percent to $2.93 billion.

Qwest said it had completed half of its planned $2 billion share buyback and eliminated $356 million in debt.

Qwest is a telecommunications provider serving primarily the western U.S.