COGENT COMMUNICATIONS HOLDINGS, INC. [CCOI] has reported a net loss of $1.3 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $940.9 million
Based in WASHINGTON, District of Columbia, COGENT COMMUNICATIONS HOLDINGS, INC. operates in the TRANSPORT sector.
In the 12 months ended December 31, 2023, the reported service revenue stood at $940.9 million, a significant increase from the previous period's $599.6 million in December 31, 2022, and $589.8 million in December 31, 2021.
Operating expenses for the same period saw a notable rise as well. Network operations costs, excluding separate amounts, were $544.2 million, up from $228.2 million in 2022 and $226.3 million in 2021. Selling, general, and administrative costs were $275.3 million compared to $163 million in the prior year.
The net income for the period showed a substantial improvement, reaching $1.27 billion in 2023, in contrast to $5.1 million in 2022 and $48.2 million in 2021.
Earnings per share also saw a significant increase, with basic net income per common share reaching $26.88 in 2023, up from $0.11 in 2022 and $1.04 in 2021. Diluted net income per common share stood at $26.62 in 2023 compared to $0.11 in 2022 and $1.03 in 2021.
Overall, the comprehensive income for the period was reported at $1.27 billion in 2023, a considerable improvement from a loss of $3 million in 2022 and $38.5 million in 2021.
Dividends declared per common share amounted to $3.76 in 2023, higher than $3.555 in 2022 and $3.17 in 2021.
Weighted-average common shares were also on the rise, with 47.37 million in 2023 compared to 46.87 million in 2022 and 46.41 million in 2021, for basic net income per common share. The weighted-average common shares for diluted net income per common share were 47.84 million in 2023, 47.21 million in 2022, and 46.96 million in 2021.
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