Street expectations with its latest results, but one-off expenses rained on the parade.

The company has been fighting it out in a public battle in recent weeks with US firm Qwest Communications to buy local and long-distance US phone company Frontier Corp. and local phone service US West Inc.

Qwest's two offers for both companies are valued at $48 billion, compared with Global Crossing's offers, which are valued at about $40.8 billion.

But yesterday Global Crossing unveiled surprisingly healthy second quarter revenues of $190 million -- above analysts' estimates and even the company's own targets.

It cited robust sales on its Atlantic Crossing 1 (AC-1) undersea cable but said one-time expenses related to merger activity and financing will hold down operating results.

Analysts expect Global Crossing to earn 1 cent a share in the quarter, compared with nil in the year-earlier period, according to First Call Corp., which tracks analysts' estimates.

CEO Bob Annunziata said: "Our sales and customer base have continued to expand during the quarter, along with the explosive demand for transnational, global telecommunications.

"In addition to the strong performance in the Atlantic, we are particularly gratified by the advance sales we have closed on systems other than AC-1 as we speed them to completion.'' Its other undersea cables -- Pacific Crossing, Pan European Crossing, and Mid-Atlantic Crossing -- are developing significant sales backlogs that will become revenue after those systems enter service later this year.

In the wake of the announcement shares of Global Crossing jumped more than 6 percent to $42.875 on the Nasdaq stock market -- closing up for the day.

Global Crossing recently completed the acquisition of the Global Marine subsidiary of Cable & Wireless Plc.

But its quest to beat Qwest and pick up Frontier and U S West -- which have both begun talks with Qwest despite already having agreements to merge with Global Crossing -- is the major hurdle on the horizon.

Global Crossing is set to file documents with the US Securities and Exchange Commission to allow it to talk to investors about its bid for Frontier. Then the company will begin a roadshow with investors, which will end the quiet period that prevented it from publicly speaking about its bid.

If U S West and Frontier accept Qwest's offers, Global Crossing would have five days to respond and potentially launch a counter offer for U S West and three days to do the same for Frontier.

Many analysts expect the two suitors ultimately to split the spoils, with Qwest winning U S West and Global Crossing winning Frontier.

If U S West chooses Qwest, Global Crossing is not expected to raise its bid to fight for U S West's hand.

Instead, Global Crossing will likely take the $850 million in break-up fees and other payments from U S West and walk away.

Global Crossing may fight harder for Frontier since it needs Frontier's domestic communications network to gain a foothold in the United States, analysts said.