DALLAS - Frontier Communications (OTC:FTRCQ) Parent, Inc. (NASDAQ:FYBR) reported a wider-than-expected loss for the second quarter of 2024, though revenue came in slightly above analyst estimates. The company's stock fell 3% following the earnings release.
The telecommunications provider posted a net loss of $0.49 per share, missing the analyst consensus estimate of a $0.13 per share loss. Revenue for the quarter rose 2.1% YoY to $1.48 billion, edging past expectations of $1.46 billion.
Frontier added a record 388,000 fiber passings in Q2, reaching 7.2 million total locations passed with fiber. The company also reported record fiber broadband customer additions of 92,000, resulting in 18.6% YoY growth in fiber broadband customers.
"We continued to see strong demand for our high-speed, reliable fiber internet which drove record fiber broadband net additions in the second quarter," said Nick Jeffery, President and CEO of Frontier.
For 2024, Frontier raised the low end of its Adjusted EBITDA guidance to $2.22-$2.25 billion, up from the previous range of $2.20-$2.25 billion. The company reaffirmed its target of 1.3 million fiber passing additions for the year.
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