on Tue 07/27/2010 8:43 AM
AS Company Customer
Rogers Communications Inc. felt the impact of new competition in the wireless sector, but the communications and media giant still managed to either meet or beat analyst expectations with strong second-quarter growth.
Net income for the Toronto-based wireless, cable and media company was up 21 per cent from a year earlier, rising to $451 million US or 78 cents per share. Revenue was also up, rising five per cent to $3.03 billion US.
On an adjusted basis, net income was $464 million or 80 cents per share, compared with average analyst expectations of 68.8 cents per share according to Thomson Reuters.
The company says increased competition resulted in fewer net subscriber additions to its wireless services, compared with last year.
But the wireless division did continue to grow and accounted for $1.7 billion of revenue, or more than half of the total for the entire Rogers business, which also includes cable, internet, phone, specialty and conventional television, radio, magazine publishing and the Toronto Blue Jays.
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Posted by JonesKnowsBest
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I am surprised that they have been able to do this since the recent "low monthly bill" companies have come into the Canadian market, creating more competition for giants such as Rogers that still charges an arm and a leg.
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