Cogent shares fall after Q1 revenue miss as Sprint attrition weighs on CCOI

Cogent Communications shares fell to $16.70 from $23.16 before its first-quarter earnings report after revenue missed Wall Street expectations and declined from a year earlier, pressured by continued losses in the acquired Sprint wireline customer base. Management said the weakness was concentrated in corporate and enterprise accounts tied to Sprint, though CEO Dave Schaeffer said the revenue decline from acquired Sprint customers is moderating. Cogent’s core on-net business remained more resilient, while higher seasonal expenses and supply chain-related cost pressures also weighed on results. Investors are watching whether Cogent can close and monetize additional Sprint-acquired data centers, sustain growth in on-net and wavelength revenue, and normalize equipment costs. Deleveraging and refinancing progress are also key execution markers after the post-earnings stock decline.