Canada's Rogers posts strong revenue on growth in wireless, media businesses

Follow us on Google News:

(Reuters) -Canada's Rogers Communications Inc on Wednesday beat quarterly revenue estimates as the wireless carrier benefited from higher roaming charges and demand for pricier plans, while its media business got a boost from a rebound in live sporting events.

The company added 164,000 monthly bill paying wireless phone subscribers in the third quarter despite decades-high inflation in Canada, indicating robust demand for its 5G services. In the last quarter, it added 122,000 users.

Canadian carriers have been offering bundled plans and have increased promotions to retain customers in a competitive market where wireless charges are among the highest in the world.

Rival carrier Telus added 150,000 customers in the third quarter, while BCE added 167,798 subscribers.

Roger's media business too is showing signs of recovery from pandemic blues as the Toronto Blue Jays owner posted a 12% rise in revenue, thanks to higher ad sales on its networks and full audiences at the Rogers Centre stadium.

The company incurred a C$150 million charge in customer credits due to a massive outage in July that saw some of its customers switch to competitors.

It posted an adjusted profit of 84 Canadian cents per share, narrowly missing expectations of 86 Canadian cents. Revenue of C$3.74 billion ($2.78 billion), however, beat Refinitiv estimates of C$3.73 billion.

Rogers did not give any fresh update on its deal for smaller rival Shaw Communications Inc, which has been currently blocked by Canada's antitrust bureau.

After a series of failed settlement talks, the battle between Rogers-Shaw and the antitrust agency kicked off in Canada's Competition Tribunal on Monday and is expected to last at least four weeks.

($1 = 1.3436 Canadian dollars)

(Reporting by Eva Mathews in Bengaluru; Editing by Arun Koyyur)


The above content is directly sourced from Reuters under a contractual arrangement. The content is being provided as a convenience and for informational purposes only; and does not constitute an endorsement or approval by Kalkine Media of any of the products, services, or opinions of the organization or individual. The user is apprised that Kalkine Media bears no responsibility for the accuracy, legality, or content of Reuters, any external sites, or for that of subsequent links. The user is requested to contact Reuters directly for answers to questions regarding the content. Please note that Kalkine Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK