Cogeco Communications reports it only increased its revenue by 1.1 percent in the second quarter of 2023.
The $736.6 million in revenue it pulled came from financial success in its Canadian market. The company offers internet, phone, and video services to 1.6 million customers in Ontario and Quebec. It also offers services to 13 states in the U.S.
Cogeco’s telecom revenue in the Canadian market increased by 1.7 percent year over year, with $368 million in revenue. The company credits this to the addition of high-speed internet services and more profit per customer.
The figures are offset by a 5 percent revenue decline in the American market, partially due to a decline in video and phone customers.
Cogeco also acquired Oxio, a once-independent internet provider, in February. However, the impact of the acquisition isn’t included in the Q2 financial results, as the quarter ended on February 28th.
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