Cogent Communications Clocks 61.5% Service Revenue Growth In Q2, Boosts Quarterly Dividend
Portfolio Pulse from Akanksha Bakshi
Cogent Communications Holdings (NASDAQ:CCOI) reported Q2 FY23 service revenue growth of 61.5% YoY to $239.81 million, missing the consensus of $264.06 million. Adjusted EPS loss of $(0.67) missed the Street view of $0.01. Total customer connections increased by 58.1% YoY to 151,430. The company recorded an operating loss of $(34.06) million in Q2. The company's board approved an increase of $0.01 per share to its regular quarterly dividend for a total of $0.945 per share for Q3.
August 10, 2023 | 2:07 pm
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NEUTRAL IMPACT
Cogent Communications reported lower than expected Q2 FY23 service revenue and adjusted EPS. However, the company increased its regular quarterly dividend.
While Cogent Communications missed revenue and EPS estimates, which could negatively impact the stock, the company also increased its dividend, which could have a positive effect. Therefore, the overall short-term impact on the stock is neutral.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100