Cogent Stock Falls As 3Q Revenues Fall Short
WASHINGTON (AP) ¿ Internet service provider Cogent Communications Group Inc. on Monday reported a narrowed loss for its latest quarter, but its stock fell as it missed analysts' revenue forecasts.
The company, based in Washington, serves businesses and lost $3.28 million, or 7 cents per share, in the third quarter, which ended Sept. 30. That was less than the $6.5 million, or 15 cents per share, it lost in the same quarter last year.
Revenue rose 10 percent to $60.2 million.
Analysts polled by Thomson Reuters were expecting a loss of 8 cents per share and revenue of $61.8 million.Cogent shares fell $1.80, or 17 percent, to $8.57 in early afternoon trading.
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