FORT LAUDERDALE, FLA. (04/27/2000) - MCI WorldCom Inc. closed its first fiscal quarter with an 80 percent increase in net income, to US$1.3 billion, or 44 cents per share, compared to $730 million, or 24 cents per share, in the first quarter of last year, the company announced today.
The consensus from 20 analysts polled by First Call/Thomson Financial was that the carrier would post net income of 43 cents per share in the first quarter, ended March 31, 2000.
Revenue increased to $9.9 billion from $9.1 billion in the first quarter of last year. The strongest revenue growth came from the company's data, Internet and international operations, whose revenue rose 32 percent to $4.6 billion and now makes up 46 percent of MCI WorldCom's total revenue. Domestic voice revenue grew only 3 percent to $5.4 billion.
MCI WorldCom's proposed merger with rival Sprint Corp., announced in October 1999, is expected to close in the second half of this year, the company said.
The merger must still be approved by a variety of U.S. and international regulatory agencies. MCI WorldCom shareholders are scheduled to vote on the merger tomorrow at a special meeting.
The company's share price had climbed in mid-afternoon trading $4 to $44.87 from yesterday's close, an almost 10 percent hike.
MCI WorldCom, in Clinton, Mississippi, can be reached at http://www.wcom.com/.