Published on 10 May 2024 on Zacks via Yahoo Finance
Cogent (CCOI) Q1 Loss Wider Than Expected Despite Top-Line Growth
Cogent Communications Holdings, Inc. CCOI reported soft first-quarter 2024 results, with both the bottom and top lines falling short of the respective Zacks Consensus Estimate. However, the Washington, DC-based leading Internet service provider reported a top-line expansion year over year, driven by solid demand trends in the net-centric business.
Net Income
The company reported a net loss of $65.3 million or a loss of $1.38 per share against a net income of $6.1 million or 13 cents per share in the year-ago quarter. The decline is primarily attributed to higher operating expenses. Non-GAAP loss in the reported quarter was $1.29 per share, wider than the Zacks Consensus Estimate of a loss of $1.10.