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MCI Reports Loss of $388 Million in Quarter

May 11, 2004|From Bloomberg News

MCI Inc., which completed the biggest bankruptcy reorganization in history last month, had a first-quarter net loss of $388 million as sales plummeted because of increased competition for corporate customers.

The net loss at Ashburn, Va.-based MCI, formerly WorldCom Inc., was $1.19 a share, the company said. In 2003, it had profit of $52 million; it didn't provide a per-share figure. Sales at the No. 2 U.S. long-distance phone company fell 13% to $6.3 billion.

MCI also said it would eliminate 7,500 jobs, or 15% of its workforce.

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