For Level 3 Communications, even the good news is bad news. After months of putting out positive news releases, mostly about garnering big VoIP transport contracts, the company’s third quarter earnings, knocked the wind out of the stock. The company reported a net loss of $63 million, or 9 cents a share, on revenue of $918 million. The communications-related revenues have nudged up marginally to $423 million, up from $391 million in the second quarter. The new VoIP business and addition of Sprint’s wholesale dial-up business may not be enough for Level 3 to grow its communications related revenues for the year. Level 3 expects full-year communications revenue, excluding termination revenue, “to fall by low single-digit percentage range, compared with prior projection of a high single-digit shortfall.” The free cash flow is shrinking as well. According to Yahoo News, “Level 3 cut its forecast for free-cash flow to negative $280 million to $310 million from a prior estimate of negative $200 million to $250 million, as it picks up capital spending and feels the pinch of expenses related to acquisitions. ” In 2003, Level 3 had sales of $4 billion, and only $1.95 billion came from communications. Analysts are projecting $3.92 billion for this year. I am thinking perhaps it is time for Level 3 to drop Communications from its name, and level with the investors?