Shares of telephone company Windstream Corporation (NYSE:WIN) took a dive today after the company reported that its net income had dwindled in Q2.
The company reported net income of $54.2 million, or 9 cents per share — a 44% drop year-over-year. Adjusted earnings came to 12 cents per share, which was a penny short of analyst estimates.
Windstream wasn’t able to improve profits despite the fact that revenue nearly doubled year-over-year, meeting analyst expectations of $1.54 billion. The company’s margins have shrunk for the past five consecutive quarters. This quarter, Windstream blamed higher prices and expenses.
WIN, a member of the S&P 500 (NYSE:SPY), was in the red nearly 9% by early afternoon.