Frontier Communications stock plunges 21% to under $1

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Frontier Communications stock plunges 21% to under $1

Postby TX Employee on Tue Sep 10, 2019 7:35 pm

Frontier Communications stock plunges 21% to under $1


https://www.wraltechwire.com/2019/08/07 ... o-under-1/

DURHAM – Shares in Frontier Communications, which offers a variety of Internet, broadband and voice services in Durham as well as other parts of North Carolina, plunged 21 percent to a new one-year-low of 92 cents on Wednesday after reporting a drop in revenue and a downward earnings projection on Tuesday.

The communications provider recently sold operations in four western states, raising more than $1 billion.

Shares fell after the company reported a loss of $5.32 billion for its most recent quarter, including a huge write-off of assets, and revenue declined slightly to just over. $2 billion from the previous quarter. Frontier also cut its earnings before interest, taxes, depreciation and amortization (EBITDA) forecast for 2019 to $3.35 billion to $3.42 billion, down some $100 million.

“At a high level, we have been challenged by ongoing revenue declines, content cost escalations, higher labor costs and other pressures across the business,” Frontier CEO Dan McCarthy said in a conference call.

“That being said our objective continues to be to optimize our business, leveraging our best assets for future growth, while managing the elements of our business in secular decline by executing on cost efficiency programs and selective capital investment.”

Wednesday afternoon, Frontier (FTR) shares traded under a dollar. Its 52-week high is $7.25
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Re: Frontier Communications stock plunges 21% to under $1

Postby Retiredandlovin'it! on Tue Sep 10, 2019 8:22 pm

Gee! Do you think "crappy" customer service might be an issue? :? :? :? :? :?
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Re: Frontier Communications stock plunges 21% to under $1

Postby Telco4man on Sun Jan 26, 2020 9:07 pm

Any idea of the odds that Frontier actually enters bankruptcy proceedings?
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Re: Frontier Communications stock plunges 21% to under $1

Postby rswojo on Mon Jan 27, 2020 4:18 pm

There was an article on Bloomberg stating Frontier is going to declare bankruptcy in March.

https://www.bloomberg.com/news/articles/2020-01-16/frontier-said-to-tell-creditors-it-seeks-a-mid-march-bankruptcy

The odds might be pretty good.
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Re: Frontier Communications stock plunges 21% to under $1

Postby not_union_or_manager on Thu Apr 16, 2020 12:42 pm

Big Red VZ is now batting 1.000 on sold properties filing BK. :roll:

Could be an interesting year+ for those of us still with Little Red.
Regarding my avatar, I see it as a representation of "The beatings will continue till morale improves." As a person who is neither craft nor a manager, that mentally is how I go home feeling most days. (the beatee, not the beater).
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