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Sep 30, 2023
Cogent Q3 2023 Earnings Report
Cogent's service revenue increased, driven by on-net and off-net growth, with wavelength revenue contributing following the Sprint acquisition. However, GAAP gross profit decreased, and the company reported a net loss per share.
Key Takeaways
Cogent Communications reported a significant increase in service revenue for Q3 2023, primarily driven by growth in on-net and off-net services, along with contributions from wavelength revenue following the Sprint acquisition. Despite revenue growth, the company experienced a decrease in GAAP gross profit and reported a net loss per share.
Service revenue increased by 14.9% compared to the previous quarter and 83.6% year-over-year.
On-net revenue grew by 1.9% sequentially and 14.9% year-over-year, while off-net revenue increased by 28.4% sequentially and 257.7% year-over-year.
Wavelength revenue, related to the Sprint acquisition, reached $3.0 million for the quarter.
The Board approved a regular quarterly dividend increase of $0.01 per share, or 1.1%, from the third quarter 2023.
Revenue by Segment
Forward Guidance
Cogent will host a conference call with financial analysts at 8:30 a.m. (ET) on November 9, 2023 to discuss Cogent’s operating results for the third quarter of 2023 and expectations for full year 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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