Why Frontier Communications Corp. Shares Lost 12% in August
Frontier Communications (NASDAQ: FTR) has delivered nothing but bad news since it spent $10.54 billion buying Verizon's former business in California, Texas, and Florida (CTF) in April 2016. That deal, which added 3.3 million voice connections, 2.1 million broadband connections, and 1.2 million FiOS video subscribers to Frontier, more than doubling its size, has been a disaster.
In the five quarters since the CTF deal took place, Frontier has lost subscribers in each one. That continued in second-quarter 2017, with the company losing 18,000 more video customers, 19,000 internet subscribers, and 27,000 phone connections. It also lost $662 million in the quarter (although much of that was due to a one-time charge) and has slashed its dividend and conducted a reverse split of its stock.
Frontier has been losing customers steadily. Images source: Getty images.
Source: Fool.com
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