WorldCom Inc.'s fourth-quarter earnings dropped
44 percent as long-distance revenue declined, but the results were
in line with Wall Street estimates.
The telephone and Internet company said Thursday it earned $726
million, or 25 cents a share, in the October-December period,
compared with $1.3 billion, or 44 cents a share, in the same period
a year ago.
That was in line with analyst forecasts, according to a survey
by First Call/Thomson Financial.
Sales were up more than 3 percent to $9.6 billion, compared with
$9.3 billion a year ago.
The Clinton, Miss.-based company, which said in November it will
spin off a tracking stock for its long-distance, calling card and
dial-up Internet businesses, reported separate results for its
WorldCom Group and MCI Group.
The report made no mention of job cuts reported last month.
The company's WorldCom Group, which includes its international,
data and Internet operations sectors, led the company's growth with
$5.8 billion in revenue for the quarter, up from $5 billion in the
same period a year ago.
Revenue for WorldCom's MCI Group, which includes its
long-distance, calling card and dial-up Internet access sectors,
fell nearly 10 percent to $3.8 billion from $4.2 billion a year
ago.
WorldCom's long-distance revenue declined to $1.7 billion, down
from $1.8 billion in the same period a year ago.
For the year 2000, WorldCom reported net income of $4.7 billion,
or $1.61 per share, compared with $4.0 billion, or $1.35 per share,
for 1999. Revenue for the year rose to $39.1 billion from $35.9
billion a year ago.
