Source: Windstream.

Windstream (NASDAQ:WIN) just reported results for the first quarter of 2014.

The enterprise networking specialist, which also sells consumer services in rural markets, reported a 2% year-over-year revenue decline. At $1.46 billion, the top-line results came in a hair below analyst projections.

Adjusted earnings fell 60% to $0.04 per share, falling short of even the most pessimistic analyst estimate available.

Sales of legacy products such as voice and long-distance services fell across the board. On the other hand, Windstream reported modest growth in consumer broadband and enterprise data services.

In the carrier services segment, Windstream is feeling pressure from wireless carrier clients who are decommissioning copper-line voice connections to their signal towers. On the other hand, the company has installed fiber connections to nearly 4,600 wireless towers, including 95 in the first quarter. These high-speed connections softened the impact of shrinking legacy sales, albeit at the cost of significant capital investments.

"We are very focused on improving business revenue trends and are taking many proactive steps to accelerate sales and strengthen our competitive position," said Windstream CEO Jeff Gardner in a prepared statement. "We are seeing positive momentum [in the business services segment] as the new marketing program gains traction. This momentum, combined with pricing initiatives planned for mid-year, should result in improving business revenue trends."

Anders Bylund has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 daysWe Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.