Thread regarding Frontier Communications Corp. layoffs

Goodwill impairment of $5.45 Billion

ouch...

"Net loss for the second quarter of 2019 was $5.32 billion, representing a net loss per common share of $51.07. Net loss included a $5.45 billion goodwill impairment or $4.93 billion net of tax, a $384 million loss on the anticipated sale of operations and assets in Washington, Oregon, Idaho, and Montana, and $31 million of restructuring expenses. The impairment reflects, among other things, our expectation of continued revenue declines because of pressures on the business, reduced expectations for the transformation program, the long-term sustainability of our capital structure, a lower outlook for our overall industry, and the cumulative impact of all these factors on business trends going forward. Our goodwill balance as of June 30, 2019 is $276 million, and further impairments are possible as a result of ongoing reviews of the business and operations."

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| 2681 views | | 8 replies (last August 12, 2019) | Reply
Post ID: @OP+10pw72W6

8 replies (most recent on top)

Understand This:

In 2018

As President and CEO at FRONTIER COMMUNICATIONS CORP, Daniel J. McCarthy made $7,135,383 in total compensation. Of this total $1,000,000 was received as a salary, $1,460,175 was received as a bonus, $0 was received in stock options, $4,665,667 was awarded as stock and $9,541 came from other types of compensation.

How is this possible ?
Why is this allowed to happen ?
He and his entire executive board are not only failures
But also
Clueless

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Post ID: @6xaz+10pw72W6

Basically forgiven debt owed from what i understood. Its total bs at this point. The moral is so sh– poor at most of the office everyone is so stressed out.

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Post ID: @1dot+10pw72W6

Goodwill impairment is a loss they took from the value of previous acquisitions now not being worth what they paid for them. Because they screwed them up.

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Post ID: @1nyw+10pw72W6

Any Real News anyone ? I don't quite understand the goodwill impairment,,sounds like the company is upside down with debt and this is some way to cushion it ?
Any Real News input ??

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Post ID: @1hwx+10pw72W6

So. Furloughs or mass layoffs again?

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Post ID: @1nwz+10pw72W6

Danny Boy didn’t mention the shareholders 1x today.... hmmmmmmm... wonder why?

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Post ID: @1ief+10pw72W6

Someone needs to dump the ceo

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Post ID: @jml+10pw72W6

Another reverse split? Id bet my next check on it.

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Post ID: @prs+10pw72W6

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