RESTON, Va. -- Shares of XO Communications Inc., the telephone company controlled by financier Carl Icahn, fell 13 percent Tuesday after its first-quarter net loss widened to $48.5 million on lower sales.
XO, which emerged from bankruptcy protection in January 2003, said its first-quarter net loss widened to 37 cents from $20.5 million, or 22 cents, a year earlier.
Shares of XO fell 50 cents to $3.33 at 4 p.m. Tuesday in Nasdaq Stock Market composite trading. The shares have fallen 42 percent in the past year.
Revenue fell 9 percent to $260.9 million, mainly because of fewer orders from carriers that use its network, XO said in a statement. In February, XO agreed to buy rival Allegiance Telecom Inc. for about $600 million. Allegiance will nearly double XO's business-phone customers to 330,000 and give it customers in three new markets, XO said at the time.
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