Business Services Industry
Qwest Communications Backs Away from 2002 Revenue Projections.
Knight Ridder/Tribune Business News, July, 2002
By Virgil Larson, Omaha World-Herald, Neb. Knight Ridder/Tribune Business News
Jul. 30--Qwest Communications, which said Sunday that it would restate financial results on fiber-optic sales with other phone companies being investigated by the Securities and Exchange Commission, also backed away Monday from its revenue projections for this year.
The company didn't issue a new projection, but when it does Aug. 8, the figure likely will be considerably lower than this year's projection of $18.4 billion.
Withdrawing the projection came after Qwest on Sunday night disclosed that it had incorrectly recorded $1.16 billion in revenue over three years, in 1999, 2000 and 2001, and would have to restate financial results.
For months, the...
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