Qwest profits soar to $246m in Q2

US giant Qwest Communications' second-quarter earnings more than doubled as sharply reduced operating expenses offset weak sales, an Associated Press report said.

Net income rose to $246 million from $117 million in the year-ago period, the report said.

The Associated Press report further said Qwest's revenue slipped to $3.46 billion from $3.47 billion last year, slightly beneath analyst expectations of $3.47 billion. Operating expenses declined 4% to $2.93 billion.

Qwest said it had completed half of its planned $2-billion share buyback and eliminated $356 million in debt.

Qwest is a telecommunications provider primarily serving the western US.

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