Qwest’s profit drops, will cut 1,200 jobs

updated 8:11 a.m. ET Oct. 29, 2008

NEW YORK - Qwest Communications International says its third-quarter profit fell 93 percent and it plans to cut 1,200 jobs, or slightly more than 3 percent of its work force.

The Denver-based phone company said Wednesday it earned $151 million, or 9 cents per share, in the three months ended Sept. 30. That’s down from $2.06 billion, or $1.08 per share, a year ago. The 2007 results were boosted by a tax benefit.

It says its revenue fell 2 percent to $3.38 billion.

Analysts polled by Thomson Reuters had expected the company to earn 10 cents per share on $3.33 billion in revenue. Analyst estimates typically exclude one-time items.

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