Rogers earns $409 million in Q2 as wireless service revenue soars 11 per cent

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TORONTO — Rogers Communications Inc. says it recorded an increase in profit and sales in its latest quarter as its wireless service revenue increased by double digits.

The cable, wireless and media company says it earned $409 million in its second quarter or 76 cents per diluted share, up 35 per cent from $302 million and 60 cents per share a year earlier.

Adjusted profits were $463 million or 86 cents per share, compared with $387 million or 76 cents per share in the second quarter of 2021.

Revenues for the three months ended June 30 were $3.87 billion, up from $3.58 billion the year before as wireless service revenue soared 11 per cent.

Cable service revenue increased by three per cent in the second quarter primarily due to service pricing changes and increases in its internet subscriber base while media revenue increased by 21 per cent due to higher advertising and Blue Jays revenues.

Rogers says customer credits related to its network outage are estimated to cost $150 million, which will be included in its third quarter results.

Tony Staffieri, Rogers president and CEO, says the company’s performance reflects “the incredible hard work by our wireless, cable, and media teams as we continue to recover from the impacts of the pandemic.”

“In the coming quarters, we will continue to focus on delivering additional improvements as we build on these results, while also working hard to regain the trust of our customers following our recent network outage.”

Companies in this story: (TSX:RCI.B)

 

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