Qwest 1Q profit tumbles 82 percent due to tax charges, revenue continues to fall

Qwest 1Q profit drops on tax charges

NEW YORK — The phone company Qwest says its first-quarter earnings tumbled 82 percent due to one-time tax charges.

Its revenue has also fallen 6.5 percent as customers continued to cancel land lines.

Qwest, which is based in Denver, recently agreed to be acquired by rival CenturyTel Inc. for about $10 billion in stock.

Qwest Communications International Inc. says it earned $38 million, or 2 cents per share, in the quarter. That’s down from $206 million, or 12 cents per share, a year earlier.

Revenue fell to $2.97 billion from $3.17 billion a year ago.