Covad Communications, a wholesale provider of digital subscriber lines, reported a fourth-quarter loss that beat Wall Street's expectations. Covad posted a net loss of $70.5 million, or 80 cents a share, compared with a net loss of $19.9 million, or $2.96 a share, for the same period last year. On average, financial analysts expected the company to lose 94 cents per share, according to First Call. Quarterly revenue increased to $30.9 million from $2.8 million for the like quarter a year ago. Last week, the company announced that it ended 1999 with 57,000 lines in service.
Covad Communications reported financial results for its fourth quarter and fiscal year, its first as a public company. The competitive local exchange carrier lost $19.9 million, or $2.96 per share for the quarter, compared to a loss of $1.5 million, or 37 cents a year ago. Revenue for the quarter rose to $2.8 million. Covad said it increased its digital subscriber lines by 105 percent during the quarter to more than 3,900. The company said it's on track to offer its service in 22 regions in the United States by the first quarter of 2000.