UPDATE 1-CenturyLink posts lower Q1 results

May 5 (Reuters) - CenturyLink Inc posted a drop in quarterly earnings and revenue as customers disconnected their home phones.     The rural telephone operator, which bought Qwest Communications for $10.6 billion on April 1, said it earned $211.1 million, or 69 cents per share, for the January-March quarter, compared with $252.6 million, or 84 cents per share, a year ago.     Revenue fell 6 percent to $1.70 billion from $1.80 billion and compa