What happened

Shares of Windstream Holdings (NASDAQ:WIN) soared as much as 33.9% higher on Thursday, following a relatively strong second-quarter earnings report. Aas of 1:40 p.m. EDT, the skyrocketing surge had cooled down to a still-impressive 27.5% gain.

So what

The regional telecom's adjusted revenues fell 3% year over year to land at $1,44 billion. Windstream's GAAP net losses expanded from $1.83 to $2.30 per share. If that sounds grim, the Wall Street consensus estimate had called for an even deeper net loss of $2.66 per share, and the top-line result was right in line with the general analyst view.

Windstream's corporate logo, featuring the company name in black and a stylized, green W wave.

Image source: Windstream Holdings.

Now what

Windstream's enterprise service sales rose 1% year over year to $730 million, representing 50.5% of the company's total revenues. Wholesale product sales increased from zero to $0.1 million. The remaining six reportable sub-divisions in Windstream's portfolio all reported declining sales. The company should probably spin off and/or shut down most of its operations to refocus exclusively on that healthy enterprise opportunity. Until that happens, Windstream will remain a terrible investment.

The stock deserves a slow clap for today's sudden bounce, but the long-term story remains the same -- and very negative. Even after today's sharp price increase, Windstream's share prices have fallen 58% lower in 2018. I expect these gains to be short-lived and quickly forgotten.

Anders Bylund has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.