Cogent Communications craters to new 52-week-low on lowered ʼ08 guidance
Cogent Communications Group Inc.ʼs stock (Nasdaq:CCOI) sunk by more than 32% this morning after the company reported before the opening bell Friday that it had drastically lowered its 2008 guidance.
The Washington, D.C.-based Internet services provider said it now estimates its net loss for the year to range between $0.50 and $0.60. Previously the firm had estimated its net loss to be between $0.20 and $0.30
Also, for the three months ended June 30, Cogent reported a net loss of $5.6 million, or $0.12 per share, compared with $9.2 million, or $0.19 per share, in the prior year quarter. Analysts had expected a loss of 10 cents per share.
At 12:55 p.m., Cogent is trading at $7.68, down $3.54, or 32% from Thursdayʼs close. The stock had traded as low as $10.05 and as high as $30.16 in the past 52 weeks.
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