Level 3 Communications narrowed its losses in the third quarter, cutting costs as revenue fell.
The Broomfield, Colo., communications services firm with origins in Omaha reported a net loss of $21 million, or 9 cents per share, compared with a loss of $166 million, or 76 cents per share, the year before. Revenue fell 1.3 percent to $1.57 billion.
Level 3 said it cut its global workforce by 6.5 percent in the third quarter, or about 700 people, and expects $15 million in quarterly savings beginning in the fourth quarter.
Revenue grew 2.3 percent in the core network services business, where Level 3 is focusing its efforts on the networking needs of large business customers, and fell 23.6 percent in the smaller wholesale voice services business and other areas.
Sunit Patel, chief financial officer, said the firm is positioned for revenue growth next quarter and in 2014. The business has yet to report an annual profit.
Level 3 was originally Kiewit Diversified Group, founded in Omaha as a holding company for the nonconstruction assets of Peter Kiewit Sons’ Inc. The firm moved to Colorado and shifted focus to telecommunications networks, changing its name in 1998 and going public, drawing investment from Omaha residents. Kiewit chairman emeritus Walter Scott is Level 3’s chairman.