Notably, over this time, Global Crossing has consisently cut its cost of operations with costs as a percentage of revenue dropping from 88.5% in 2004 to 70.1% in 2008. In 2008, the company's was susceptible to wild swings in currency exchange rates as the drop in the British Pound (GBP) cut into both revenues and costs for their GCUK segment. While the loss of revenue was essentially wiped out by cost savings in the pound, the more important development was the decrease of $58 million in debt, or 5% of its total debt load, thanks to pound-denominated debt and the drop in the value of the pound in 2008.
Global Crossing's network spans 690 cities in more than 60 countries and six continents around the world with operations in North America, Europe, Latin America and a portion of the Asia/Pacific region.
In 2008, Global Crossing grew revenues by 15% from $2.3 billion in 2007 to $2.9 billion in 2008 with a decrease in loss applicable shareholders from $310 million in 2007 to $281 million in 2008. The improvement in the 2008 loss applicable to shareholders is partly due to the company's ongoing efforts to cut costs with cost of revenues in 2008 of $1.8 billion compared to $1.7 billion in 2007 -- an improvement that saw its costs as a percentage of revenues drop from 76.2% to 70.1%.
The ROW Segment encompasses the rest of Global Crossing's operations, largely in North America with with small operations in Europe, Latin America, and Asia. In 2008, the ROW segment grew revenues by 8% from $1.42 billion in revenue in 2007 to $1.54 billion in 2008.
The GCUK Segment provides telecommunications services, including data, IP and voice services to major corporations and organization companies in the UK. In 2008, the GCUK segment grew revenues by 2.9% from $582 million in revenue in 2007 to $599 million in 2008.
The GCUK Segment provides telecommunications services, including data, IP and voice services to major corporations and organization companies in Latin America. In 2008, the GC Impast segment lead the company in segment revenue growth with an increase of 76.6% from $269 million in revenue in 2007 to $475 million in 2008.