Level 3 narrows 2nd-quarter loss as revenue grows

For the quarter ended June 30, the company posted a loss of $33 million, or 2 cents per share, compared with a loss of $202 million, or 13 cents per share, in the prior-year quarter.

The latest quarter included a gain of 6 cents per share from the sale of the company's Vynx advertising distribution business. Excluding that, the company recorded a loss of 8 cents per share for the quarter.

Analysts polled by Thomson Financial expected a loss of 10 cents per share. Analyst estimates typically exclude one-time items.

Revenue rose nearly 4 percent to $1.09 billion from $1.05 billion in the second quarter of 2007. Analysts predicted revenue of nearly $1.08 billion.

Revenue jumped nearly 4 percent in the company's communication division. Much of that increase came from a boost in core network services revenue. That business includes revenue from transport and infrastructure, IP and data services, local and enterprise voice services and Vyvx broadcast services.

Shares rose 13 cents, or 3.7 percent, to $3.69 shortly after the market opened.