{"id":24304,"date":"2023-04-26T12:36:49","date_gmt":"2023-04-26T12:36:49","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/canadas-wireless-giant-rogers\/"},"modified":"2023-04-26T12:40:21","modified_gmt":"2023-04-26T12:40:21","slug":"canadas-rogers-beats-profit","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/canadas-rogers-beats-profit\/","title":{"rendered":"Canada’s Rogers beats profit estimates on wireless business strength"},"content":{"rendered":"

(Reuters) -Rogers Communications Inc reported a better-than-expected quarterly profit on Wednesday, as gains in its wireless business helped offset weakness in its cable TV unit.<\/p>\n

Demand for Rogers’ 5G services has remained high, but increased cord-cutting hurt its cable business. The telecom giant’s wireless revenue grew 10% in the first quarter.<\/p>\n

Cable revenue fell 2%. Rogers blamed increased competitive promotional activity and a decline in video and home phone revenue for the shortfall. <\/p>\n

Earlier this month, Rogers closed its C$20 billion deal for Shaw Communications, capping two years of antitrust concerns and paving the way for the creation of Canada’s No.2 telecoms company.\u00a0<\/p>\n

Big three carriers Rogers, BCE and Telus are fighting for dominance in Canada, where people are paying some of the highest mobile rates in the world. <\/p>\n

In the three months ended March 31, Rogers added 95,000 monthly bill paying wireless phone subscribers, compared with 193,000 in the previous quarter.<\/p>\n

The Toronto Blue Jays owner is also seeing its media business recover from the effects of the pandemic. Media revenue climbed 5%. <\/p>\n

Rogers’ total revenue rose 6% to C$3.84 billion ($2.82 billion) in the first quarter ended March 31, compared with C$3.93 billion estimated by eight analysts polled by Refinitiv.<\/p>\n

Excluding items, Rogers earned C$1.09 per share, beating estimates of C$1.01. <\/p>\n

($1 = 1.3628 Canadian dollars)<\/p>\n

(Reporting by Eva Mathews in Bengaluru; Editing by Shinjini Ganguli)<\/p>\n

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(Reuters) -Rogers Communications Inc reported a better-than-expected quarterly profit on Wednesday, as gains in its wireless business helped offset weakness in its cable TV unit. Demand for Rogers’ 5G services has remained high, but increased cord-cutting hurt its cable business. The telecom giant’s wireless revenue grew 10% in the first quarter. Cable revenue fell 2%. […]<\/p>\n","protected":false},"author":8,"featured_media":24305,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-24304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3P0GQ-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/24304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=24304"}],"version-history":[{"count":3,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/24304\/revisions"}],"predecessor-version":[{"id":24444,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/24304\/revisions\/24444"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/24305"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=24304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=24304"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=24304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}