Talk Talk (LON:TALK) shares took a hit on Wednesday, after the company revealed losses for the half-year and slashed outlook.
The company reported a pre-tax loss of £75 million for the six months to September-end, compared to a £30 million pre-tax profit for the year previously.
Revenue dipped 5 percent to £828 million reporting declines across on-net, off-net and corporate products.
TalkTalk warned core earnings for the year would be towards the bottom of its expected range of £270-300 million, amid extensive restructuring efforts made in a bit to increase its market share.
“When we simplified and reset the business in May we said our priorities were growth, cash and EBITDA, in that order,” commented chief executive Tristia Harrison.
“We have now delivered a third consecutive quarter of growth in our broadband base, with both retail and wholesale bases growing; returned to on-net revenue growth; and delivered lower churn than a year ago.”
In addition, an exceptional £59 million in costs was attributed to the enacting of organisational changes.
A £31 million in costs was also incurred as a result of at a strategy review at its mobile business.
The company confirmed it would launch a “simple and compelling new mobile proposition” by the end of the year.
“Our clear value proposition is resonating strongly against an uncertain economic environment and underpins our plan to simplify and focus all our investment in delivering affordable, reliable fixed connectivity to homes and businesses,” Harrison added.
Accordingly, shares tumbled 10.29 percent to 170p in late morning trading.
Shares in Talk Talk are currently down 9.02 percent as of 12.02pm (GMT).