Fiber network operator Ting said it will reduce its employee headcount by 42% in an effort to return to earnings growth. #pressrelease
November 4, 2024
Tucows Inc. (NASDAQ:TCX, TSX:TC), a global internet services leader, has implemented a capital efficiency plan, including a significant layoff in its Ting business, in order to cut expenses and move towards Ting becoming self-sufficient. There were also layoffs at the Tucows head office level, as part of a shared services reorganization.
The plan includes a reduction in headcount that impacts approximately 42% of Ting's workforce and 17% of Tucows' total workforce.
We expect this to lead to significant Adjusted EBITDA growth for Tucows in 2025 and for the Ting business to be in and around Adjusted EBITDA breakeven in 2025.
The capital efficiency plan will be discussed in more detail in the upcoming Q3 2024 Management Remarks on Thursday, November 7, 2024 at 5:05pm.
Read the full press release here.
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