NASDAQ$CCOI
Cogent Communications Holdings Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Cogent's Q2 2023 earnings were reported, including the Sprint Wireline Business, a $1.2 billion gain on bargain purchase, basic earnings per share of $23.84, and an increased regular quarterly dividend.
Cogent Communications reported a significant increase in service revenue for Q2 2023, driven by the acquisition of the Sprint Wireline Business. The company recorded a $1.2 billion gain on bargain purchase and increased its quarterly dividend.
- Service revenue increased by 56.1% compared to the previous quarter and 61.5% year-over-year.
- The company recorded a $1.2 billion gain on bargain purchase from the Sprint acquisition.
- Basic net income per share was $23.84 for the quarter, including the impact of the bargain purchase gain.
- Cogent's Board approved a regular quarterly dividend of $0.945 per share, an increase of $0.01 from the previous quarter.
Headline financials
Revenue & EPS history
Cogent · Revenue · Quarterly
$240M
Revenue by segment
Cogent · $240M total across 4 segments · Q2 2023
- On-Net$128M+14.0%53.2%
- Off-Net$102M+181.0%42.5%
- Non-Core$8.6M—3.6%
- Wavelength$1.6M—0.7%
Forward guidance
Cogent anticipates positive trends in its corporate business as vacancy rates decline and office occupancy rates rise, potentially leading to increased sales. However, the timing and extent of these positive trends remain uncertain.
Tailwinds
- Declining vacancy rates in central business districts.
- Rising office occupancy rates.
- Positive trends in corporate business.
- Integration of new applications from remote work environments.
- Potential for increased sales as companies return to offices.
Headwinds
- Deteriorating real estate market.
- Slowdown in new sales to corporate customers.
- Increased corporate customer turnover.
- Fewer upgrades of existing corporate customer configurations.
- Fewer new tenant opportunities.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
-2.6%
Avg return
Earnings day
-3.8%
Avg return
5 days after
-5.1%
Avg return
30 days after
41%
26 / 64 earnings
Positive
+19.3%
Q2 2023
Best reaction
-34.8%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -29.4% | -28.1% | -29.3% | |
| Q4 2025 | -29.4% | -29.7% | -31.4% | |
| Q3 2025 | -34.8% | -46.2% | -48.8% | |
| Q1 2025 | -7.3% | -3.6% | -10.1% | |
| Q4 2024 | -9.5% | -11.0% | -23.1% | |
| Q3 2024 | -1.1% | -6.7% | -7.7% | |
| Q2 2024 | +5.9% | +6.7% | +8.4% | |
| Q1 2024 | -6.0% | -7.7% | -13.1% | |
| Q4 2023 | -2.7% | -9.6% | -19.1% | |
| Q3 2023 | -0.8% | +2.2% | +5.4% | |
| Q2 2023 | +19.3% | +22.3% | +15.6% | |
| Q1 2023 | -9.1% | -12.0% | -14.3% | |
| Q4 2022 | -4.4% | -1.4% | -9.1% | |
| Q3 2022 | +2.2% | +3.0% | +9.1% | |
| Q2 2022 | -8.1% | -8.7% | -16.7% | |
| Q1 2022 | -2.4% | +3.5% | -0.3% | |
| Q4 2021 | +5.6% | +3.4% | +1.9% | |
| Q3 2021 | -2.0% | -0.8% | -3.5% | |
| Q2 2021 | +4.6% | +2.7% | +0.3% | |
| Q1 2021 | +5.3% | +10.2% | +9.5% | |
| Q4 2020 | -3.8% | +1.2% | +8.4% | |
| Q3 2020 | -5.6% | +2.8% | +1.7% | |
| Q2 2020 | -13.1% | -21.1% | -22.3% | |
| Q1 2020 | -7.5% | -11.2% | -8.5% | |
| Q4 2019 | -2.6% | +8.4% | +4.7% | |
| Q3 2019 | +8.5% | +12.9% | +7.3% | |
| Q2 2019 | -8.8% | -7.7% | -3.1% | |
| Q1 2019 | +2.3% | +2.6% | +6.0% | |
| Q4 2018 | +1.6% | -3.2% | +3.9% | |
| Q3 2018 | -3.8% | -1.6% | -6.7% | |
| Q2 2018 | -3.8% | -4.5% | +4.3% | |
| Q1 2018 | -0.9% | +1.1% | +4.6% | |
| Q4 2017 | -1.9% | -3.2% | -7.3% | |
| Q3 2017 | -20.4% | -14.0% | -12.5% | |
| Q2 2017 | +8.0% | +6.4% | +15.0% | |
| Q1 2017 | -7.7% | -4.1% | -5.1% | |
| Q4 2016 | +0.2% | -2.4% | -0.1% | |
| Q3 2016 | +9.5% | +14.4% | +2.8% | |
| Q2 2016 | -13.8% | -14.2% | -15.4% | |
| Q1 2016 | +0.7% | — | — | |
| Q4 2015 | +7.0% | — | — | |
| Q3 2015 | +12.2% | — | — | |
| Q2 2015 | -7.4% | — | — | |
| Q1 2015 | -7.8% | — | — | |
| Q4 2014 | -6.5% | — | — | |
| Q3 2014 | +1.4% | — | — | |
| Q2 2014 | -3.7% | — | — | |
| Q1 2014 | -0.5% | — | — | |
| Q4 2013 | -5.7% | — | — | |
| Q3 2013 | +5.1% | — | — | |
| Q2 2013 | +11.4% | — | — | |
| Q1 2013 | +1.8% | — | — | |
| Q4 2012 | +1.6% | — | — | |
| Q3 2012 | -4.9% | — | — | |
| Q2 2012 | +1.8% | — | — | |
| Q1 2012 | -3.6% | — | — | |
| Q4 2011 | +6.6% | — | — | |
| Q3 2011 | +5.2% | — | — | |
| Q2 2010 | -8.7% | — | — | |
| Q2 2011 | -8.7% | — | — | |
| Q1 2011 | +2.2% | — | — | |
| Q4 2010 | -3.3% | — | — | |
| Q3 2010 | +1.8% | — | — | |
| Q1 2010 | +1.5% | — | — |
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