(Reuters) – Rogers Communications Inc missed Wall Street estimates for first-quarter revenue on Wednesday, hit by weakness in its cable business and stiff competition.
The company added 95,000 monthly bill paying wireless phone subscribers in the quarter, compared with 193,000 in the previous quarter.
Competition is high among the big three carriers Rogers (NYSE:ROG), BCE (NYSE:BCE) and Telus (NYSE:TU) in Canada, where wireless bills are some of the highest in the world.
Rogers is also still recovering from the effects of the pandemic on its media business and has seen a slowdown in wireless customer sign-ups as Canadians delay their device upgrades and seek cheaper plans to keep their spending in check.
However, demand for its 5G services has remained high.
The company’s total revenue rose to C$3.84 billion ($2.82 billion) in the first quarter ended March 31, compared with C$3.62 billion a year earlier. Analysts were expecting revenue of C$3.93 billion, according to Refinitiv data.
Revenue in Rogers’ cable business fell 2% in the quarter.
Net income rose to C$511 million, or C$1 per share, from C$392 million, or 77 Canadian cents per share, a year earlier.
($1 = 1.3628 Canadian dollars)
