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Small-Cap Telecom Cogent Slashes Forecast, Stock Plunges

August 8, 2008
by Tiernan Ray
Blogger and Columnist, Barron's, Tech Trader Daily

Tiernan Ray

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.

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