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Cogeco radio feels COVID hit, but overall revenues increase

telecom | 07/16/2020 4:42 pm EDT

In its first quarterly report to include the impact of the COVID-19 pandemic, Cogeco Inc.’s radio revenues fell by one-third, though its overall revenue beat analyst expectations. In the results released Thursday, revenues were up to $626 million, a 1.4 per cent increase on the same quarter a year before. RBC analyst Drew McReynolds and Canaccord Genuity analyst Aravinda Galappatthige both said the revenue figure beat expectations, with Galappatthige noting the quarter’s results were “particularly impressive given the uncertainties around COVID-19.” The quarter, which ended May 31,...