Qwest feels the pain

Lately, releasing quarterly numbers hasn’t been as pleasant as it once was for many in the telecommunications industry. Today, Qwest Communications knows that feeling well, as it reported a third quarter loss of $142 million on flat revenue.

Qwest lost 9 cents per share for the quarter, compared to a reported net loss of $248 million, or 15 cents per share in the same quarter last year. Additionally, the company’s pro forma loss was 8 cents per share, in contrast to First Call’s estimate of a 3 cent per share profit.

Qwest CEO Joe Nacchio placed the blame for the unhealthy quarter on the continued rough economic conditions and their effect on wholesale sales. Yet he remained confident things would turn around.

“This economy will recover, it is just a question of when,” said Nacchio. “This is not 1929.” However, Nacchio was unable to provide guidance as to when the turnaround would begin.

“We have all the assets we now need. We spent money on our global network because we are bullish about the future,” he said.

While Nacchio sounded as confident as ever, for the nine months that ended September 30, the company had a mammoth loss of $3.49 billion, or $2.10 per share. For that same time frame last year, Qwest had a profit of $36 million, or 2 cents per share.