Cogent Communications Holdings Inc. (CCOI) experienced a significant pre-market plunge of 6.30% on Monday following the release of its first-quarter 2026 financial results.

The telecommunications provider reported quarterly service revenue of $239.187 million, which fell short of the analyst consensus estimate of $241.924 million and represented a 3.18% decrease compared to the same period last year. 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 revenue decline was driven by a 17% drop in off-net revenue, partially offset by growth in wavelength and on-net services. The board declared a quarterly dividend of $0.02 per share payable in June, but this was overshadowed by the disappointing revenue performance that triggered the sharp pre-market selloff.