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Mar 31, 2021
Cogent Q1 2021 Earnings Report
Cogent's service revenue increased, driven by growth in on-net revenue and overall customer connections.
Key Takeaways
Cogent Communications reported a service revenue increase of 2.0% from the previous quarter and 4.2% year-over-year, reaching $146.8 million. The company saw growth in on-net revenue and total customer connections, with a basic and diluted net income per share of $0.41.
Service revenue increased by 2.0% from the previous quarter and 4.2% year-over-year to $146.8 million.
On-net revenue increased by 2.6% from the previous quarter and 6.3% year-over-year, reaching $109.9 million.
Total customer connections increased by 1.5% from the previous quarter and 4.3% year-over-year, totaling 90,925.
Basic and diluted net income per share was $0.41, compared to $0.20 for the three months ended March 31, 2020 and $(0.14) for the three months ended December 31, 2020.
Revenue by Segment
Forward Guidance
Cogent expects to be impacted by COVID-19 pandemic and the accompanying responses by governments around the world. The ongoing impact of the COVID-19 pandemic and related government restrictions on Cogent’s business is unknown as a significant amount of uncertainty and volatility remains.
Challenges Ahead
- Slowdowns in new customer orders.
- Difficulties to collect from customers who are experiencing financial distress.
- Increase in customer churn.
- Difficulties accessing the buildings and locations where Cogent installs new services and serves existing customers.
- Difficulties procuring, shipping or installing necessary equipment on its network.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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