Shares of Frontier Communications Corp. were up nearly 12 percent Wednesday morning, despite a decrease in revenues and profit for the second quarter.
Frontier reported its second-quarter results Tuesday after markets closed. The company posted a net income of $18 million, or 2 cents a share, for the second quarter, down from $32.3 million, 3 cents a share, a year ago.
Frontier logged revenue of $1.26 billion for the quarter, down from $1.32 billion in 2011. Revenue for the company has fallen each of the last four quarters. In a statement, the company attributed the decline in revenue to a decrease in residential and business customers.
As of June 30, Frontier had nearly 2.98 million residential customers, down 8.4 percent from last year. The number of business customers was down more than 9 percent.
“Frontier’s second quarter 2012 showed solid revenue performance and the highest operating margin since the closing of our acquisition,” Chairman and CEO Maggie Wilderotter said in a statement.
Frontier shares (NasdaqGS: FTR) Wednesday morning were trading at $4.38, up 47 cents.
(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email firstname.lastname@example.org.