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If its balance sheet is any indication, MCI WorldCom is enjoyingthe industrywide growth in Internet and international-service
business. The No. 2 U.S. carrier's net income soared 80%, to $1.28
billion, in its first quarter, compared with $712 million for the
first quarter of 1999. The results--44 cents a share--topped Wall
Street expectations of 43 cents a share, according to a consensus
estimate by First Call.
MCI WorldCom (WCOM-Nasdaq) reported a 14% increase in revenue from
communication services--the source of virtually all of its
revenue--during the quarter, from $8.72 billion a year ago to
$9.98 billion this year.
Internet-service revenues showed the greatest individual increase
--46%--of all communications services. Sales rose to $1.10 billion
for the quarter, ended March 31, compared with $758 million last
year. Internet services include Web hosting, security services,
and virtual private networks. Growth in international-service
revenue ranked second, showing a 31% jump to $1.37 billion from
$1.04 billion for the same period last year. While sales of data
and voice services grew slower, they were the two largest slices
of MCI WorldCom's revenue pie. Data services for the quarter were
$5.36 billion, and voice pulled in $2.14 billion.
"These strong results indicate that MCI WorldCom will do very well
in the new millennium as they shift their emphasis to IP and
E-business services," predicts Berge Ayvazian, president of the
Yankee Group. And the carrier still expects to have its proposed
megamerger with Sprint Corp. approved in the second half of the
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