Cogent Communications Reports First Quarter 2024 Results and Increases its Regular Quarterly Dividend on its Common Stock
WASHINGTON, May 9, 2024 /PRNewswire/ -- Cogent Communications Holdings, Inc. (NASDAQ: CCOI) ("Cogent") today announced service revenue of $266.2 million for the three months ended March 31, 2024, a decrease of 2.2% from the three months ended December 31, 2023 and an increase of 73.3% from the three months ended March 31, 2023. Foreign exchange rates positively impacted service revenue growth from the three months ended December 31, 2023 to the three months ended March 31, 2024 by $0.3 million and positively impacted service revenue growth from the three months ended March 31, 2023 to the three months ended March 31, 2024 by $0.4 million. On a constant currency basis, service revenue decreased by 2.3% from the three months ended December 31, 2023 to the three months ended March 31, 2024, and increased by 73.1% for the three months ended March 31, 2023 to the three months ended March 31, 2024.
- Cogent approved an increase of $0.01 per share to its regular quarterly dividend for a total of $0.975 per share for Q2 2024 as compared to $0.965 per share for Q1 2024 – Cogent's forty-seventh consecutive quarterly dividend increase.
- Wavelength revenue was $3.3 million for the three months ended March 31, 2024, an increase of 7.0% from the three months ended December 31, 2023.
- On May 8, 2024, Cogent's Board approved a regular quarterly dividend of $0.975 per share payable on June 7, 2024 to shareholders of record on May 23, 2024.
- Cogent will host a conference call with financial analysts at 8:30 a.m. (ET) on May 9, 2024 to discuss Cogent's operating results for the first quarter of 2024.