Ting product shows continued growth, OpenSRS takes a dip.
Domain name and mobile phone service provider Tucows continues to see growth in its Ting offering, offsetting stagnating revenues in its domain name business.
Net revenue for the third quarter of 2014 increased 9% to $38.9 million from $35.6 million for the third quarter of 2013.
Revenue from Ting increased $5.03 million, offsetting a drop of $1.79 million in its domain name business.
OpenSRS — Tucows’ wholesale domain business — saw its revenue decline $.38 million from the same quarter in 2013. Its retail operations, including Hover, improved by $.54 million. Revenue from “portfolio” fell from $4.17 million to $2.21 million. It’s important to note that benefits from withdrawing new TLD applications fall in the portfolio bucket, which skews the results.
Regardless, it’s clear that Ting is currently the growth driver for Tucows.
Net income for the third quarter of 2014 was $2.7 million, compared with $2.6 million for the same quarter of 2013.
The company also announced plans to buy back more shares in the company.