Cogent Shares Drop 15.2% After $235.6 Million Q2 Revenue Miss

1 articles · Updated · Yahoo Finance · Aug 17

Cogent stock fell 15.2% to $10.91 after the telecom provider posted second-quarter revenue of $235.6 million, missing analysts’ estimates by 1.7%.
Revenue also declined 4.3% from a year earlier, even though Cogent still beat EPS expectations, suggesting investors had been looking for a stronger top-line result.
The company operates a 20,000-mile fiber network connecting more than 3,200 buildings across 54 countries, serving businesses with internet, private network and colocation services.
Across the five telecommunication services stocks tracked in the report, Q2 revenue was broadly in line with consensus, but shares have still fallen 3.8% on average since earnings.