Frontier Communications Parent, Inc. (NASDAQ: FYBR) shares were in the red Friday, on reporting second-quarter 2024 results.
Frontier added a record 388,000 fiber passings to reach 7.2 million total locations passed with fiber. It also added a record 92,000 fiber broadband customers, resulting in fiber broadband customer growth of 18.6% year-over-year
Revenue came in at $1.48 billion, an increase of 2.1% year-over-year as growth in fiber-based products, which partly offset by declines in copper-based products
It also experienced an operating income of $91 million and net loss of $123 million. Adjusted EBITDA of $560 million increased 5.1% year-over-year driven by revenue growth and cost savings.
“We continued to see strong demand for our high-speed, reliable fiber internet which drove record fiber broadband net additions in the second quarter. As a result, we delivered our second successive quarter of year-over-year revenue growth and our fourth consecutive quarter of Adjusted EBITDA growth,” said CEO Nick Jeffery. “Growth in both customers and ARPU this quarter resulted in a 21% year-over-year increase in fiber broadband revenue and expanding Adjusted EBITDA margins.”
FYBR shares tanked $1.40, or 4.9%, to $27.47.
