After several periods of gains, the FOCUS Telecom Business Services Index (TBSI) slipped into the black with a loss of 0.5% over the past three months. In addition to its negative performance, the sub sector trailed the broader indices as the S&P 500 rose 0.2% and the NASDAQ dipped 0.4% over the same time period. Even with this period’s decline, performance for the full year remains strong. The TBSI is up 41.2% over the past 12 months, which handily outperforms both the 28.1% gain in the S&P 500 and the 29.4% gain in the NASDAQ. Sector multiples are also higher than they were in the year-ago period. The sector revenue multiple increased from 0.6x to 0.7x, while the sector EBITDA multiple rose from 7.4x to 9.2x.