MCI reports $3.4 billion loss
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WASHINGTON - MCI Inc. on Thursday reported a $3.4 billion third-quarter loss as it wrote down the value of its assets due to a withering price war for long-distance telephone service.
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IT services provider Electronic Data Systems yesterday reported a net loss of $153 million for the third quarter, with earnings hit in part by an asset impairment charge of $375 million connected with EDS's N/MCI project.
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The homebuilder reported a third-quarter loss of $513.9 million, hurt by falling home prices and hefty charges to write down land values.
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MGIC Investment Corp, the largest U.S. mortgage insurer, posted on Wednesday a much larger-than-expected $1.47 billion quarterly loss as more homeowners fell behind on payments, and claims increased sevenfold.
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MCI Inc.&#39;s quarterly loss ballooned to $3.4 billion as the No. 2 US long-distance company wrote down the value of its assets due to a price war in long-distance services, MCI said on Thursday.
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MCI Inc. reported a $3.4 billion third-quarter loss on Thursday, due mainly to a write-off of the value of its assets, as the company's efforts to recover from its bankruptcy were hampered by stiff competition in the long-distance telephone service market.
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The Golden Telecom acquisition would cost it $4.3 billion.
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The chip maker reported a net loss of $396 million, larger than Wall Street expected, but sales were up 23 percent on strong personal-computer demand.
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AMD reported a heavy loss for its fourth quarter on Thursday, due mostly to charges connected to its acquisition of graphics chip maker ATI.AMD reported a net loss of $1.772 billion -- greater than its revenue for the quarter, which was $1.770 billion. The figures compare to a loss in the fourth quarter last year of $576 million on revenue of $1.773 million.The net loss included charges of $1.675 billion, mostly related to&#160;AMD&#39;s acquisition of ATI in 2006. Excluding the charges, AMD said its loss would have been $97 million, greater than the $25 million it lost in the fourth quarter a year earlier.This is the fifth-straight quarterly loss for AMD, which has been struggling to get its newest processors to market on time.AMD delayed volume shipments of its quad-core Opteron processors, code-named Barcelona, in early December when it said it found a bug in the chip&#39;s Level 3 cache memory. Earlier this month,&#160;AMD said it was pushing back the release of its quad-core Phenom 9700 and 9900 processors.The company still managed to ship a record number of microprocessors in the quarter, it said on Thursday, including nearly 400,000 of its quad-core chips.
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Advanced Micro Devices reported a heavy loss for its fourth quarter, due mostly to charges connected to its acquisition of graphics chip maker ATI.
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MCI and Qwest Communications International, two of the country&#39;s largest phone companies, reported large losses in the third quarter, driven by a continued decline in revenue and one-time write-offs.
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MCLEAN, VA. -- MCI lost $3.4 billion in the third quarter, due to a previously announced asset writedown of $3.5 billion, but its core operating results were better than expected.
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MCI has reported a $3.4bn (Â£1.8bn) third-quarter loss due mainly to a write-off of the value of its assets. The company&#39;s efforts to recover from its bankruptcy are being hampered by stiff competition in
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MCI Inc., one of the nation&#39;s biggest long-distance operators, lost $3.4 billion in the third quarter of 2004 due to a previously announced asset writedown of $3.
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AT&T Corp. on Thursday reported a &#36;7.1 billion third-quarter loss due to an &#36;11.4 billion writedown of its assets after its retreat from consumer services and other restructuring charges.
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Morgan Stanley  on Wednesday  said it has suffered a $3.7 billion loss stemming from its U.S.  subprime mortgage exposure, which it expects will reduce  fourth-quarter earnings by about $2.5 billion.
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The cruise line reports a wider fourth-quarter loss and missed estimates.