Norwalk telecommunications provider Frontier, which has a Hartford presence, continued to see red ink in the second quarter.
In the period ended June 30, its net loss totaled $715 million, or a per-share loss of $9.21, compared to a $129 million net loss, or a per-share loss of $1.67, in the year-ago period.
The loss was mainly driven by a $532 million (after tax) goodwill impairment charge in connection with acquiring Verizon customers in California, Texas and Florida in 2016, CEO Dan McCarthy said.
Despite the losses, the churn rate — or rate of customer defections — improved to 2.24 percent compared to 2.37 percent in the first quarter, he said. In the first quarter, the company lost $5 million after purging about 18,000 non-paying customers from its subscriber rolls in California, Texas and Florida.
Second quarter revenue was flat at $2.3 billion compared to $2.35 billion in the year-ago period.
