Regional telecom Frontier Communications (NASDAQ:FTR) just reported results for the first quarter of 2014. The company missed Street targets on both the top and bottom lines, and Frontier shares are trading down 2% in after-hours action.
The company added 37,200 new broadband subscribers in the first quarter. At the end of the quarter, broadband subscribers added up to 1.9 million accounts. Total revenue fell 4% year over year to $1.15 billion, just below analyst estimates. Non-GAAP earnings stayed flat at $0.05 per share, short of Wall Street's $0.07 consensus estimate.
Frontier CEO Maggie Wilderotter said her company gained broadband market share in 91% of its local markets during the quarter. Land-line customers are leaving, but at the slowest pace seen since 2009. Voice services remain Frontier's largest segment, counted by revenues.
Frontier also added 5,000 video customers in this period, bringing the video headcount to 390,300.
"Small business bundles have gained traction, and we are excited about our new Internet of Things (IoT) product rollout in the second quarter," Wilderotter said in a prepared statement.
Frontier didn't offer revenue or earnings guidance but held its full-year cash flow and capital expenses targets steady from the fourth-quarter report.