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What: Shares of Level 3 Communications (Nasdaq: LVLT) got crushed today by as much as 15% after the company reported earnings.

So what: Revenue in the second quarter added up to $1.6 billion, which resulted in a net loss of $62 million, or $0.29 per share, worse than expected. The shortfall was primarily attributed to weakness in Europe, where revenue from the U.K. government fell, although this was somewhat expected.

Now what: Sales to the U.K. government fell 13% sequentially to $42 million. Core network services, or CNS, sales in North America and Latin America grew by 1.1% and 2.3%, respectively. CNS revenue growth is expected to accelerate during the second half of the year. Level 3 reiterated its prior guidance, expecting adjusted EBITDA to increase by 20% to 25% for the full year.

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