Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Frontier Communications (OTC:FTR) have gotten crushed today by as much as 11% after reporting earnings.

So what: Revenue in the quarter was $1.3 billion, which resulted in net income of $67 million, or $0.07 per share. Those results were right on target with what the market was expecting. Free cash flow in the third quarter was $215.3 million.

Now what: Frontier narrowed its customer losses, losing just under 52,000 customers during the quarter. That's less than each of the past two quarters. Full-year guidance calls for free cash flow in the range of $900 million to $1 billion. Frontier is a popular dividend play, so don't miss fellow Fool Eric Bleeker's breakdown of the results by clicking here.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.