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Frontier Communications stock drops sharply on $38 million quarterly loss

Shares in Frontier Communications tumbled 27 percent Wednesday after the Connecticut-based communications company posted a net quarterly loss of $38 million, narrowed from the year-ago quarterly loss of $80 million.

Frontier spent more than $10 billion last year to buy Verizon's FiOS business which had been providing Internet, cable TV and landline phone services to homes and businesses in the Tampa Bay, southern California and other markets.

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"Our third quarter results highlight the ongoing stabilization across our business as we focus on executing our strategy," Dan McCarthy, CEO, said in a release. "We remain committed to enhancing the customer experience, further reducing churn, generating cash flow, and improving the balance sheet to further stabilize the business and grow longer-term."

Revenue for the quarter was $2.25 billion, down about 11 percent from $2.52 billion during this quarter last year. Its shares closed at $8.86 apiece, down $3.25.