Tucows Reports Financial Results for First Quarter, 2020
TORONTO, May 7, 2020 – Tucows Inc. (NASDAQ:TCX, TSX:TC), a provider of network access, domain names and other Internet services, today reported its financial results for the first quarter ended March 31, 2020. All figures are in U.S. dollars.
“The first quarter was a very solid start to 2020, highlighted by year-over-year growth inrevenue and gross profit of 6% and 11%, respectively, and cash flow from operations of morethan $14 million,” said Elliot Noss, President and Chief Executive Officer, Tucows Inc. “OurDomains business continued to benefit from our focus on high-quality reseller customers,which contributed to more than a 20% year-over-year increase in gross margin in theWholesale channel. In our Ting Mobile business, as expected we benefited from the improvedeconomics of our carrier relationships. And at Ting Internet, we continued to steadily expandthe network, adding another new town, further expanding potential serviceable addresses,increasing the number of homes passed, adding new customers, and nearly doubling grossprofit year-over-year with the contribution of the acquisition of Cedar Holdings, which weclosed on January 1.”
Read the full news release here.