Rogers expects customer credits for its recent outage to cost US$150 million in the current quarter. Find out more.
The $2.85-billion Freedom sale was announced in June to try to assuage concerns the combination of Rogers and Shaw would lessen wireless competition and raise prices for consumers, but the federal competition authority is continuing its attempt to block the merger.
Despite the roadblocks to completing the “transformational” merger with Shaw and a massive outage of the Rogers network on July 8 that has led to added costs as well as increased government and regulatory scrutiny on the telecom sector, Rogers posted second-quarter financial results Wednesday that beat analyst expectations and estimates.Article content
Consolidated revenue of $3.87 billion was slightly higher than the consensus estimate of $3.79 billion, and earnings before interest, taxes, depreciation and amortization came in at $1.59 billion for the three months ending June 30, also beating the consensus estimate of $1.54 billion.
With the bulk of the third quarter remaining, including back-to-school season, Staffieri said Rogers is comfortable maintaining its performance guidance for the full year. In response to a question from an analyst about whether competitors are trying to take advantage of the network outage by siphoning off Rogers customers, Staffieri said promotions do not appear to be different from prior years.
In the second quarter, which ended before the network outage, year-over-year wireless ARPU growth was 5.7 per cent, beating expectations of 3.6 per cent growth, Desjardins analyst Jerome Dubreuil said in a note to clients Wednesday morning.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rogers CEO says Shaw deal would allow more money for network resiliencyOTTAWA — A combined Rogers Communications and Shaw Communications Inc would be able to invest in the resiliency of telecom networks at a level that neither…
Read more »
Rogers to spend $150M on customer credits for outage, pushes back Shaw deal deadlineThe telecom giant said profit grew by 35 per cent in the second quarter and also said it is pushing back a deadline to close its $26-billion deal to acquire Shaw until the end of this year.
Read more »
Rogers beats revenue estimates, extends Shaw deal deadlineRogers expects customer credits for its recent outage to cost US$150 million in the current quarter. Find out more.
Read more »
Rogers, Shaw extend deadline for contested $26-billion merger until end of yearThe merger of Canada’s two largest cable companies is facing obstacles from the Competition Bureau, which argues it would cause higher prices and poorer service
Read more »
Rogers, Shaw extend deadline to close $20B deal until year-end - BNN Bloomberg
Read more »