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Jun 30, 2022
Cogent Q2 2022 Earnings Report
Cogent reported a slight decrease in service revenue but an increase in total customer connections. Net income per share also increased compared to the previous year.
Key Takeaways
Cogent Communications reported a slight decrease in service revenue, but experienced growth in total customer connections. The company's basic net and diluted income per share increased to $0.24.
Service revenue decreased by 0.5% compared to the previous quarter, but increased by 0.4% year-over-year.
On-net revenue was $112.0 million, a decrease of 0.6% from the previous quarter and an increase of 0.8% year-over-year.
Off-net revenue was $36.3 million, a decrease of 0.3% from the previous quarter and a decrease of 1.1% year-over-year.
Total customer connections increased by 0.9% from the previous quarter and 4.3% year-over-year, reaching 95,777.
Revenue by Segment
Forward Guidance
Cogent anticipates the COVID-19 pandemic will continue to impact their business. They expect potential slowdowns in new customer orders and difficulties in collecting from customers experiencing financial distress.
Challenges Ahead
- Potential slowdowns in new customer orders.
- Difficulties in collecting from customers experiencing financial distress.
- Increase in customer churn.
- Difficulties accessing buildings and locations for new service installations.
- Challenges in procuring, shipping, or installing necessary equipment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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