Frontier Communications Corp. will fire 1,000 employees to cut costs after disappointing investors with its third-quarter results.

The Stamford, Connecticut-based phone company this year bought service territories from Verizon for more than $10 billion, and lost 155,000 residential customers, the Norwalk Patch reported.

Current regional support functions including engineering, finance, human resources, communications and marketing are being centralized to achieve improved operational performance as well as expense reductions,” the company said in a statement.

Wells Fargo Securities downgraded Frontier to “market perform” from “outperform” after the company reported results.

“Our downgrade is predicated on three factors: 1) continued weakness in revenue in newly acquired markets; 2) sequentially weaker broadband adds--despite recent commentary we would see improvement; and 3) lack of “clean” earnings before interest, taxes, depreciation and amortization (Ebitda) performance (integration expenses have not gone down as hoped which makes “real” cash generation less than),” Wells Fargo analysts Jennifer M. Fritzsche, Caleb Stein and Eric Luebchow said in a report to investors.

Frontier declined 4.7 percent to a 52-week low of $3.21 a share by 1 p.m. New York time. The stock is down 31 percent year-to-date.