Tucows Reports Financial Results for First Quarter 2023
“Our first quarter results show the resilience of the Tucows businesses in the face of macroeconomic uncertainty over the last year, as well as the active role we’re taking in managing our operations for efficiency and long-term growth, said Elliot Noss, Tucows President and CEO. Our Ting business saw a 21% increase in revenue year over year, and just closed on $239 million in new funding. Wavelo has accelerated subscriber migration, and saw a 63% increase in revenue from last quarter. Our Tucows Domains business has seen domains under management and transactions stabilize post-pandemic, and we expect revenues and margin to similarly return to incremental growth as we realize the benefits of foreign exchange related price increases in the second half of 2022. And we’ve used cash flow from Wavelo and Tucows Domains to reduce our syndicated debt this quarter.”
Read the full news release here.