Ting Internet Makes Deep Staff Cuts
Firm trying to generate net income, positive EBITDA.
WASHINGTON, Nov. 3, 2024 – Ting Internet, a fiber Internet Service Provider available in several U.S. communities, announced deep staff cuts last week in an effort to shore up the company's finances.
Elliot Noss, CEO of Ting parent Tucows in Toronto, said the decision Thursday will affect 42% of Ting's workforce and 17% of Tucows’ total workforce. In 2023, Ting had about 1,400 workers.
“This decision was a difficult one and I want to acknowledge the impact it will have on the employees who are leaving,” Noss said in a statement Thursday announcing a new "capital efficiency plan."
Earlier in the year, Ting laid off 72 workers.
In the second quarter, Ting reported a net loss and negative earnings before interest, taxes, depreciation, and amortization or EBITDA – a non-GAAP metric used by capital-intensive broadband network owners as an indicator of operational efficiency.
Noss said he expected Ting's business "to be in and around adjusted EBITDA breakeven in 2025."
Ting, based in Charlottesville, Va., provides 2 Gig internet for $89 a month in various U.S. locations, including Alexandria, Va., Colorado Springs, Colo., Carlsbad, Calif., and Dover, Idaho.
At the end of the second quarter, Ting reported 48,000 broadband subscribers, an increase of 2,100 sequentially.
Tucows, publicly traded since 2005, is scheduled to report third quarter results on Thursday.
