Level 3 (LVLT) shares skyrocketed today following the company’s impressive first quarter.
The company said that its revenue increased considerably in the first quarter while its costs and expenses decreased. Level 3 has also raised its forecast for the rest of the year following its profitable first quarter.
The communications company raised its earnings outlook for the full year. Level 3 expects its adjusted Ebitda to increase 14% to 18%–the company’s previous outlook stood at 11% to 14% growth.
Level 3 reported a profit of $112 million and revenue rose 2% to $1.61 billion.
LVLT stock is up over 13% on Wednesday.
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