TORONTO — Rogers Communications Inc. reported a third-quarter profit of $526 million compared with a loss a year ago.
The company said the profit amounted to 98 cents per diluted share for the quarter ended Sept. 30.
The result compared with a loss of $99 million or 20 cents per diluted share in the same quarter last year.
Revenue for the quarter totalled $5.13 billion, up from $5.09 billion a year earlier.
On an adjusted basis, Rogers says it earned $1.42 per diluted share in its latest quarter, up from an adjusted profit of $1.27 per diluted share a year ago.
Analysts on average had expected a profit of $1.36 per share, according to LSEG Data & Analytics.
"We delivered strong market share, record margins in cable and wireless, and we are on track to deliver our full-year targets," Rogers president and CEO Tony Staffieri said in a news release.
Rogers said its net increase in postpaid mobile phone subscribers totalled 101,000 for the three-month period, down 55.1 per cent from 225,000 net additions recorded the same period last year.
Rogers' monthly churn for net postpaid mobile subscribers — a measure of those who cancelled their service — was 1.12 per cent, up from 1.08 per cent during its previous third quarter.
The company fared better in the prepaid market, with 93,000 net additions in the quarter, an increase of 158.3 per cent from the 36,000 net increase in subscribers in the third quarter of 2023.
Meanwhile, Rogers' mobile phone average monthly revenue per user fell 26 cents to $58.57, down from $58.83 in the third quarter of the prior year.
This report by The Canadian Press was first published Oct. 24, 2024.
Companies in this story: (TSX:RCI.B)
Sammy Hudes, The Canadian Press
