WorldCom turns a deeper shade of red

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US telco WorldCom posted another net loss for September, but still managed to add to its pile of cash despite another drop in revenue.

WorldCom booked a loss of US$108 million for the month, on revenue of US$2.3 billion, compared to a US$331 million loss on revenue of $2.5 billion in July and an August result of a US$98 million loss on US$2.4 billion in revenue.

WorldCom, which is still not clear of US federal investigations into its accounting, recently announced its problems may amount to more than US$9 billion, rather than the US$7 billion it had previously advised.

WorldCom's EBITDA earnings for September totalled US$416 million, with the company announcing cash reserves now amount to US$1.4 billion, compared to US$200 million at the beginning of the month.

Industry watchers believe that HP president Michael Capellas may take over the reins at WorldCom after he departs from HP in December.

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