Small-Cap Telecom Cogent Slashes Forecast, Stock Plunges
Half-a-billion dollar (market cap) telecommunications provider Cogent Communications (CCOI) this morning reported second-quarter sales and a net loss that missed estimates slightly, and also cut its outlook for the current quarter and the year, which has sent its stock tumbling by $3.80, or 34 percent, to $7.42. For the three months ended June 30, Cogent reported sales growth of 19 percent, to $53.9 million, just below the $54.54 million the Street was looking for. Net loss of 12 cents a share improved from the year-earlier 19-cent loss, but the company missed the average estimate by 2 cents.
