Zayo earnings miss expectations as company affirms merger on track

BOULDER — Zayo Group Holdings Inc. (NYSE: ZAYO) saw its revenue fall by $45.1 million from the last quarter and missed analyst earnings estimates, but reaffirmed its pending merger timeline.

In its first quarter 2020 earnings filed today, the Boulder internet infrastructure company posted $638.6 million in revenue across its business segments and 8 cents per share in the period. That’s short of Wall Street consensus estimates of $644.17 million in revenues and 17 cents per share, according to data from Seeking Alpha.

The company said it had $17.9 million in net income for the period, a 71 percent decrease compared to last quarter’s $63 million.

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Zayo did not schedule an earnings call for the quarter or narrative from executives, as the company is working towards selling itself to two private investment firms for $14.3 billion and take it off the public markets. The company still expects to close the deal within the first half of 2020 as it works towards securing regulatory approvals.

Zayo posted the results after the close of trading Wednesday. Its stock was mostly flat during the day, gaining 6 cents to close at $34.29 per share.