DURHAM – Shares in Frontier Communications, which offers a variety of Internet, broadband and voice services in Durham as well as other parts of North Carolina, plunged 21 percent to a new one-year-low of 92 cents on Wednesday after reporting a drop in revenue and a downward earnings projection on Tuesday.

The communications provider recently sold operations in four western states, raising more than $1 billion.

Shares fell after the company reported a loss of $5.32 billion for its most recent quarter, including a huge write-off of assets, and revenue declined slightly to just over. $2 billion from the previous quarter.  Frontier also cut its earnings before interest, taxes, depreciation and amortization (EBITDA) forecast for 2019 to $3.35 billion to $3.42 billion, down some $100 million.

“At a high level, we have been challenged by ongoing revenue declines, content cost escalations, higher labor costs and other pressures across the business,” Frontier CEO Dan McCarthy said in a conference call.

“That being said our objective continues to be to optimize our business, leveraging our best assets for future growth, while managing the elements of our business in secular decline by executing on cost efficiency programs and selective capital investment.”

Wednesday afternoon, Frontier (FTR) shares traded under a dollar. Its 52-week high is $7.25.