Windstream Corporation (NASDAQ) posted a record low profit in third quarter
Windstream Corporation (NASDAQ), U.S operator stocks hit lowest in the last three years despite a net profit of $53.7 million during the third quarter.
Windstream profit of $53.7 million was down from $78.1 million that it posted during the same period last year,thus shares dropping from 15 cents to 9 cents over the year.
Shares closed on Wednesday at $9.42 and overall stock is down 20% so far this year.
Windstream Corporation (NASDAQ) overall revenue in third quarter was up by 52%, However, profit crumbled by 31% due to sharp rise in expenses.
Windstream was earlier known as spinoff of Alltel Corp.’s landline business and Valor Communications Group Inc.s, formed in 2006. It is expanding with the passage of time and also acquired a local exchange carrier Paetec Holding, Corp which provides broadband services.
The company is not only expanding its wireless setup but also has restructured its top management in last few months. In May, the company reported to slash of 375 to 400 management positions, or roughly 3% of its total manpower.