Cogent Communications Holdings Inc. (CCOI) saw its shares plummet 33.55% during Monday's intraday trading session following the release of its first-quarter 2026 financial results.

The telecommunications provider reported quarterly service revenue of $239.2 million, which represented a 3.2% decrease compared to the same period last year and fell short of analysts' expectations. The revenue miss was driven by a 17% decline in off-net revenue, reflecting continued reduction in off-net customers and connections.

While the company's net loss per share of $0.83 was better than the FactSet estimate of a $1.00 loss, investors focused on the top-line weakness and a miss on adjusted EBITDA, which came in at $70.183 million versus the $73.5 million estimate. The disappointing revenue performance triggered the sharp selloff.