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Tech Industry

CAIS beats 1Q expectations

CAIS Internet (Nasdaq: CAIS) lost less than analysts expected in the first quarter.

After market close Monday, the provider of Internet access for hotels, apartment buildings, airports and cruise ships reported a first quarter net loss of $21 million, or 91 cents per share, excluding amortization. First Call's survey of three analysts predicted a loss of $1.05 per share.

Including $58 million in goodwill writedowns, CAIS saw a first quarter loss of $83.5 million.

Revenue in the first quarter rose to $6.9 million, up 327 percent year-over-year and up 47 percent sequentially.

"CAIS revenue grew in all business segments, and came in well ahead of expectations," said CEO Ulysses G. Auger said. "The quarter's strong revenue and earnings growth convince us that we're on course and pursuing the right markets."

Shares of CAIS traded at 17 7/16 in afterhours activity on the Island electronic communications network. The stock closed Monday's regular session at 17 3/16, up 5/8 for the day.>