The FOCUS Communications Service Provider Index (CSPI) was in the red for the second straight reporting period as it dropped 0.9% in the past three months. On the bright side, the sector still managed to outperform both of the broader indices as the S&P 500 dropped 3.7% and the NASDAQ dropped 4.1% over this same time period. The CSPI is still up double digits compared to this time last year with a gain of 11.5%. While strong, this increase actually compares unfavorably to the broader indices, each of which boasted increases in the neighborhood of 20%. Sector multiples ended the period at 2.4x revenue and 6.3x EBITDA. Both of these represent increases from year-ago multiples of 2.2x revenue and 5.7x EBITDA.