(Reuters) - Canada's Rogers Communications Inc (TO:RCIb) (N:RCI) missed revenue and profit estimates for the second quarter on Wednesday, as coronavirus spurred restrictions hurt demand for the telecom operator's wireless services and advertising sales.
U.S.-listed shares of the company fell nearly 5% to $9.32 in morning trade.
Government-imposed store closures to stop the virus from spreading have led to a decline in new subscriber additions and sale of equipment for telecom providers, some of which are also reeling from a cut in ad spend as live sports events are postponed.
Revenue from roaming fell 90% in the quarter ended June 30 due to global travel restrictions, pulling revenue from Rogers' wireless services down 13%.
The company said it was seeing some signs of recovery in the market as lockdown measures ease and stores are allowed to re-open.
"June saw a notable recovery in loading as most stores were starting to open and July is trending a little bit better as well", Chief Financial Officer Anthony Staffieri said in an earnings call with analysts.
The company said revenue from sale of wireless equipment, including routers, dropped 17% in the June quarter on fewer device purchases and upgrades by existing customers.
Revenue from the media segment, which includes television and radio broadcasting and digital media, plunged 50% to C$296 million as live events were postponed.
Rogers earned C$0.60 per share, below analysts' estimate of C$0.71 per share.
The company's revenue fell 16.5% to C$3.16 billion, missing analysts' estimates of C$3.18 billion, according to IBES data from Refinitiv.