Frontier Communications stock has surged more than 5% in the past week, after a “coronaval” of viruses that caused widespread disruptions and shortages hit the telecommunications sector.
The stock has jumped more than 80% since last week.
The company is now up about 20% since mid-May, and is up nearly 30% since the start of the pandemic.
Frontier Communications, which was founded in 1994, says it is investing billions of dollars to fix its networks.
“We know that there are going to be disruptions in the future, and we will have to find ways to stay on top of that,” CEO Tim Worley told investors at a conference Wednesday.
“There are lots of ways to mitigate disruptions, and the technology and infrastructure to help us deal with those disruptions will be the most important piece of the puzzle.”
The company says it’s working to restore service, and Worley says the company has made significant progress.
“It’s the most successful quarter we’ve had in a long time, period,” he said.
“The disruption that we’ve been able to get to is pretty incredible.”
Frontier Communications is currently testing a new generation of wireless communications technology, and that’s expected to boost profits.
Worley also said the company is making major investments in the cybersecurity and cloud services, and he noted that Frontier is the only company in the United States with its own network of network routers and switches.
Frontier has said that the company was hit hard by the “cyber-attack” that swept through the telecommunications industry in late April and early May.
At the time, Worley said Frontier was doing a lot of research and was working hard to fix issues, but it’s now clear that the disruptions had a significant impact on the company.
“All of our networks are working together.
We are making a lot more money, we have a lot better network than we did before, we’re working on the next generation of technology, so that’s been a very positive,” he added.
The problems that Frontier suffered have also been widespread in the private sector.
According to a recent report from the Institute for Critical Infrastructure Technology, the US government has reported that over 2.5 million companies have been affected by the cyberattacks.
Frontier is part of the United Technologies, a private company that’s made a lot from the recent cyber-attack.
The corporation says that Frontier has spent over $1 billion to fix problems that affected the entire communications sector.
And the company says its system has also been able, at times, to handle the cyber-attacks.
However, Frontier has struggled to get customers back online after a series of delays.