Short Take: Level 3 posts third quarter loss

Level 3 Communications, an upstart carrier building a nationwide IP network, today posted a third quarter loss. Level 3 reported a net loss of $45 million, or 15 cents a share, compared with a net loss of $44 million or 18 cents a year ago. According to First Call, there is no earnings estimate consensus for the company, which started trading on the Nasdaq composite index in April. Revenue for the quarter rose to $106 million from $81 million a year ago. Level 3 offers services in ten U.S. markets and plans to complete its packet switched network by 2001.