Third-Quarter Loss $3.4 Billion for MCI
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MCI Inc. yesterday reported a loss of $3.4 billion during its third quarter, reflecting its recent decision to write down the value of its telecommunications network.
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Electronic Data Systems Electronic Data Systems which had delayed its quarterly earnings several times, said on Monday it lost $153 million in its third quarter after taking a loss on a large Navy contract.
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Major bond insurer MBIA posts its biggest ever loss for a three month period last quarter.
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MCI said it planned to take a $3.5 billion charge in the third quarter to better reflect the loss in value of its phone and data networks, mirroring similar steps by AT&T and Sprint.
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AT&T Corp. on Thursday reported a net loss of $7.1 billion, or $8.95 per share, for the third quarter of 2004, but that loss included asset re-evaluation and other charges of $12.5 billion.
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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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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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The company said it lost $3.36 billion in the fourth quarter because of accounting rules related to the purchase of Organon BioSciences.
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Losses ballooned to $207.3 million for the third quarter, driven by lower extended warranty sales and restructuring costs.
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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.
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Qwest posted a third-quarter loss of $569 million after setting aside money to settle lawsuits stemming from a three-year accounting fraud.
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WASHINGTON  - AT&T Corp. on Thursday reported a $7.1 billion third-quarter loss due to an $11.4 billion writedown of its assets after its retreat from consumer services and other restructuring charges.
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MCI Inc., the second-largest US long- distance telephone company, will write down assets by $3.5 billion in the third quarter, reflecting their reduced value as calling prices tumble and demand declines.
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Sirius Satellite Radio Inc. reported a wider-than-anticipated loss in the third quarter as higher costs related to programming initiatives and customer acquisition offset revenue gains.
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MBIA Inc,  a bond insurer  struggling to maintain the top credit ratings necessary for its  business, posted a quarterly loss on Thursday after a $3.5  billion writedown.
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Telecommunications firm MCI Inc. on Thursday posted a hefty third-quarter loss, saddled by costs from writing down the value of its network as the reorganized telecom faces intensifying industry competition.
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MCI Inc., the second-largest US long- distance telephone company, will write down its assets by $3.5 billion in the third quarter, reflecting their reduced value as calling prices tumble and demand declines.