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Qwest's earnings soar on tax gain
Yet stock falls on concerns about growth, spending
Qwest Communications International Inc. on Tuesday posted a massive $2 billion profit in the third quarter because of a onetime tax gain, but a decline in sales stoked concerns about future growth.
Some Wall Street analysts also questioned a new plan to spend $300 million next year on fiber upgrades. They were also disappointed that Qwest failed to announce a stock buyback or other measures to reward shareholders.
In recent trades, Qwest (Q 7.27, -0.91, -11.1%) shares fell as much as 11% to under $7.50 a share.