Rumors Not True
Market-battered Level 3 Communications says that it has banked enough money to carry it until it reaches "free cash flow break-even" in early 2004. Responding to rumors that it will be the next to file for bankruptcy, Level 3 says that it had about $4.5 billion in cash and available funds at the end of the first quarter, and should generate about $2.1 billion in communications revenue in 2001.
Talking, Not Shopping
Although the U.S. has the largest base of cell phone users in the world, Jupiter Media Metrix estimates less than $4 billion in shopping and travel transactions will occur on Internet-enabled wireless phones in 2006 — less than 2 percent of all online shopping. Still, the report concludes, consumers say that shopping-related content on mobile devices will influence online and in-store buys.
Managed service provider Aventail closed on $48 million in a fifth-round of financing last week. Investors included Fidelity Ventures, GRP Partners, Madrona Venture Group, Morgan Stanley Dean Witter & Co., Oak Investment Partners, Pivotal Asset Management and Trinity Ventures.