Frontier Communications Corp. reported a rough second quarter, with total revenue taking an 11.7 percent hit year-over-year to $2.3 billion. Customer revenues totaled $2.1 billion and switched access and subsidy revenues were $198 million – respective year-over-year declines of 11.5 percent and 12.8 percent.
Net loss for the second quarter of 2017 was $662 million, principally driven by a $532 million (after tax) goodwill impairment charge. Net loss attributable to common shares was $715 million, again driven principally by the $532 million goodwill impairment charge.
The Norwalk company’s CEO Dan McCarthy said Frontier “executed well on a number of key initiatives stabilizing operations,” especially in California, Texas and Florida, where Frontier spent $10.5 billion in 2016 to acquire territories from Verizon Communications.