Cogent Communications (NASDAQ: CCOI) saw its stock plummet 5.28% in pre-market trading on Thursday following the release of its first-quarter earnings report. The company's financial results fell short of analysts' expectations, sparking concerns among investors.
For the first quarter of 2025, Cogent reported a loss of $1.09 per share, missing the FactSet consensus estimate of a $1.05 loss. The company's revenue also disappointed, coming in at $247.05 million, below the analyst consensus estimate of $250.97 million. This represents a 7.18% decrease compared to the same period last year when the company reported sales of $266.17 million. The adjusted gross margin for the quarter stood at 44.6%, while the EBITDA was $43.759 million.
Despite the underwhelming results, Cogent Communications announced a bright spot for investors. The company approved an increase of $0.005 per share to its regular quarterly dividend, demonstrating confidence in its long-term financial stability. However, this positive news was overshadowed by the overall disappointing performance, leading to the significant pre-market decline in the stock price.
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