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Jun 30, 2020
Tucows Q2 2020 Earnings Report
Reported financial results with a decrease in net revenue and gross profit due to decreases in the Ting Mobile business, and gross margin was impacted by a non-recurring asset impairment charge related to Ting Internet TV product strategy change.
Key Takeaways
Tucows reported a decrease in net revenue and gross profit for the second quarter of 2020. The Domains business performed well, benefiting from increased transaction activity. The Ting Mobile business faced challenges, but the transition to the new Mobile Services Enabler model is expected to improve the outlook. Ting Internet continued to make progress, achieving a record quarter for capital expenditure on the network.
Net revenue decreased by 2.4% to $82.1 million compared to Q2 2019.
Gross profit decreased by 6.3% to $23.0 million compared to Q2 2019.
Net income was $0.2 million, or $0.01 per share, compared to $2.6 million, or $0.25 per share in Q2 2019, and included two non-cash, non-recurring charges for asset impairments totalling $2.3 million, or $0.22 per share.
Adjusted EBITDA increased by 6% to $12.2 million from $11.5 million for the second quarter of 2019.
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