Tuesday, November 12, 2019

GTT's revenue dips to $420 million, considers sale of European assets

GTT Communications reported revenue of $420.0 million for the quarter ended September 30, 2019, a decline of 6.4% compared to 3Q18, and a decline of 3.2% compared to 2Q19. The sequential revenue decline of 3.2% was attributable to a 0.9% decline in monthly recurring cash revenue, a 0.8% decline from foreign currency, a 0.7% decline in non-recurring and other revenue, a 0.6% decline in the runoff of non-cash deferred revenue, and a 0.2% increase in revenue credits.

Net loss for the quarter was $26.2 million compared to net loss of $23.4 million in 3Q18 and net loss of $33.3 million in 2Q19.

Net install trends improved sequentially over the course of the quarter and net installs were positive in October.

GTT also announced an expansion of its non-strategic and non-core asset divestiture exploratory process to include its pan-European fiber assets, subsea transatlantic fiber and data center infrastructure, which the company acquired as part of the Interoute and Hibernia acquisitions.

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