Update: MCI reports $3.4B loss but says it's back on track
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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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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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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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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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US telecoms company MCI has seen its third quarter loss balloon to $3.4bn (Â£1.8bn) after a price war forced it to reduce the value of its assets.
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For the period that ended Dec. 31, the company reported a loss of $16 million, or 11 cents a share, in contrast to a profit of $18 million, or 12 cents a share, in the period a year earlier.
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Morgan Stanley  on Wednesday posted a stunning fourth-quarter loss after recording a bigger-than-expected $9.4 billion of write-downs and said it sold a $5 billion stake to China Investment Corp to bolster its capital.
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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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Qwest Communications International Inc. (QN: Quote, Profile, Research) , the No. 4 US local telephone company, on Thursday reported a third-quarter loss as it settled
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Knight Trading Group Inc., an equities trading company serving institutional and broker-dealer clients, said Wednesday that it will report a third-quarter operating loss of 1 cent to 4 cents per share due to poor performance in its
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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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ASHBURN, Va. -- MCI Inc. plans to write down the value of its assets by $3.5 billion to reflect the decreased worth of the company&#39;s telephone network as its consumer business shrinks.
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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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3M Co  said on Tuesday fourth-quarter earnings fell as last year's results included a gain for selling a business.
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MCI reported a $3.4 billion third-quarter loss today, as the company's efforts to recover from bankruptcy were slowed by stiff competition in the long-distance telephone service market.
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3Com (COMS: news, chart, profile) reported a loss of $35.5 million, or 9 cents a share, compared with a loss of $106 million, or 29 cents a share, in the same period a year ago.
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The company Friday said it expected to post a profit in the third quarter, thanks to Improved pricing and product mix and higher unit volume, reversing a year-ago loss.