Rogers profit drops to $405M as wireless growth slows
Rogers Communications Inc. has reported a lower second-quarter net income of $405 million, or 76 cents per diluted share, while the telecom company struggled to add more wireless customers.
Net profit was down 24 per cent from $532 million, or 93 cents, in the same quarter of 2013.
Toronto-based Rogers says its net additions of post-paid customers, those generally on smartphone contracts, was 38,000, down 60 per cent from 98,000 in the same quarter last year.
Revenues were flat year-over-year at $3.2 billion.
Adjusted net income, excluding items, was $432 million, or 84 cents, versus $497 million, or 96 cents, in the same quarter last year.
Analysts had expected adjusted net income of $448.4 million on earnings per share of 84 cents, according to data compiled by Thomson Reuters.