Cogent Communications Holdings, Inc. (NASDAQ: CCOI), a leading provider of internet and data transmission services, saw its stock plummet by 5.09% on November 7, 2024, after reporting disappointing third-quarter results.
The company's service revenue for the quarter was $257.2 million, a decrease of 6.6% compared to the same period last year. The decline was primarily attributed to lower office occupancy rates and fewer corporate customers amid the continued shift towards remote work.
Cogent's non-GAAP gross margin, a key profitability metric, fell to 37.4% in Q3 2024 from 40.2% in the previous quarter, reflecting the pressure on its margins. The company reported a net loss of $63.1 million, or $1.33 per share, compared to a net loss of $56.7 million, or $1.20 per share, in the same quarter last year.
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