💙 🔷 Not impressed by Big Tech in Q3? Explore these Blue Chip Bargains insteadExplore for free

UPDATE 1-Rogers profit beats estimates on wireless, internet growth

Published 2016-07-21, 07:29 a/m
© Reuters.  UPDATE 1-Rogers profit beats estimates on wireless, internet growth
RCI
-

(Compares results with estimates, adds Q2 details)

July 21 (Reuters) - Rogers Communications Inc RCIb.TO , Canada's biggest wireless provider by subscribers, posted a better-than-expected quarterly profit as it added more postpaid wireless and internet subscribers.

Rogers added 65,000 postpaid wireless subscribers in the second quarter. Postpaid customers typically use more expensive devices and pay more for service than prepaid subscribers.

The company also signed up 12,000 landline internet and 5,000 landline phone accounts, but lost 23,000 television subscribers.

The major cable and media company is dealing with heightened competition in wireless while pitching for its internet services as the anchor product for households drifting away from landline telephones and cable television.

The company's net income rose 8.5 percent to C$394 million ($302 million), or 76 Canadian cents per share, in the quarter ended June 30, from a year earlier.

On an adjusted basis, Rogers earned 83 Canadian cents per share, 2 cents above the average analyst estimate, according to Thomson Reuters I/B/E/S.

The Toronto-based company's revenue rose 1.5 percent to C$3.46 billion, slightly missing analysts' estimate of C$3.47 billion. ($1 = 1.3062 Canadian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.