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November 3, 2010

Global Crossing Q3 revenue increases marginally to $648m

Net loss decreased by 92% to $6m in Q3 2010

By CBR Staff Writer

Global Crossing posted revenue of $648m for the third quarter of 2010, a marginal increase of one percent compared to $643m for the same quarter previous year.

The company posted a gross margin of $208m, compared to $200m for the third quarter of 2009 while its operating income increased to $27m from $2m for the same quarter previous year.

For the third quarter ended 30 September 2010, the company net loss decreased to $6m compared to a net loss of $73m a year ago.

The company said that loss per common share, basic and diluted decreased to $0.12 compared to $1.23 for the same quarter previous year.

Global Crossing CEO John Legere said the company reported further improvement in their financial results in the third quarter as enterprises around the world continue to migrate to advanced IP and data centre offerings.

"At the mid-point of our current forecast, we expect full-year 2010 ‘invest and grow’ revenue and OIBDA to reflect annual increases of approximately 6% and 19%, respectively," Legere said.

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