Shares of Windstream Corp. dropped Thursday after the telecom company posted its second-quarter results.
Windstream posted net income of $54 million or nine cents per share on revenues of $1.54 billion.
On a pro forma basis, business service revenues fell 2 percent to $893 million. Citigroup analyst Michael Rollins said that figure was weaker than expected, according to The Associated Press.
The stock fell about 7 percent in late activity Thursday.
The company last December purchased Paetec Holdings Corp. in a deal valued at $2.4 billion. The merger boosted Windstream’s share in the business market.
Windstream said it remains on pace to achieve $50 million in operating synergies this year and $100 million in total by the end of 2014 through the merger.
On a pro forma basis, consumer revenues dipped 3 percent to $336 million, wholesale revenues fell 12 percent to $214 million, other revenues plunged 28 percent to $27 million and product sales declined 26 percent to $68 million.
Consumer broadband revenues grew 4 percent, although Windstream lost 4,600 Internet subscribers.
The board of directors at Little Rock, Ark.-based Windstream on Wednesday declared a quarterly dividend payment of 25 cents per share. It marked Windstream’s 25th consecutive 25-cent quarterly dividend declaration since the company was formed. The dividend will be paid Oct. 15.