Cogent Communications (CCOI) saw its stock price plummet 29.82% in pre-market trading on Thursday following the release of disappointing third-quarter 2025 financial results and a significant dividend cut. The telecommunications company reported continued losses and weak financial performance, raising concerns among investors about its future prospects.

For the quarter ended September 30, Cogent reported a loss of $0.87 per share, which, while better than analysts' expectations of a $1.02 loss, still represents a substantial negative earnings figure. The company's net loss for the quarter stood at $41.544 million, with revenue falling 5.9% year-over-year to $241.95 million, missing the Street's forecast of $245.99 million. Despite beating lowered expectations on some metrics, Cogent's overall financial health appears to be struggling, with an EBIT (Earnings Before Interest and Taxes) of -$18.128 million.

Adding to investor woes, Cogent announced a drastic reduction in its quarterly dividend, approving just $0.02 per share for Q4 2025. This significant cut, combined with the persistent losses and revenue decline, has led to a loss of confidence among shareholders. The pre-market plunge suggests that investors are increasingly skeptical about Cogent's ability to turn its financials around in the near term, resulting in a substantial sell-off ahead of the regular trading session.