Why Frontier Communications Corp. Stock Plunged 24% Today
Following the release of disappointing third-quarter results and the declarationof another generous dividend payment, shares of Frontier Communications (NASDAQ: FTR) crashed hard on Wednesday morning. Share prices plunged 23.8% lower as of 10:30 a.m. EDT.
Frontier's top-line sales clocked in at $2.25 billion, flat when compared to the year-ago period and in line with Wall Street's expectations. On the bottom line, net losses increased from $0.04 to $1.19 per share, worse than the analyst consensus estimate of a $1.15 loss per share.
Separately, the regional telecom also announced a dividend payment of $0.60 per share, which works out to a 26% yield at today's share prices.
Source: Fool.com
