Telecommunications carrier Level 3 Communications said Tuesday that it will expand its network in Europe by leasing capacity from other carriers. The company plans to start offering services in eight European cities next year, bringing the total to 17. The cities include Geneva; Madrid, Spain; Milan, Italy; Stockholm, Sweden; and Zurich, Switzerland; as well as Cologne, Karlsruhe and Stuttgart in Germany. The company's present 3,600-mile network connects Amsterdam, Netherlands; Brussels, Belgium; London and Paris, along with the German cities of Frankfurt, Dusseldorf, Hamburg, Berlin and Munich.
Level 3 chose to lease the high-speed fiber-optic cable lines in response to customer demand and as a cheaper option over building them. The troubled company reported a third-quarter net loss of $531 million, or $1.42 a share, on revenue of $375 million vs. a loss of $351 million, or 96 cents a share, and $341 million in revenue a year ago. The company had $1.49 billion in cash.