- Rogers sees service revenue growth of 4%-7% in 2023
- To make a new forecast after the deal with Shaw is closed
In the year
Rogers’ efforts to expand its 5G network and bundle subscription plans have helped it win customers over in a competitive market where wireless payments are among the world’s leading providers.
The telecom operator, which has 193,000 wireless phone subscribers, had a monthly fee of 146,800, up from FactSet’s fourth-quarter estimate.
Small operator BCE Inc ( BCE.TO ), which reported results on the same day, added 154,617 customers to its monthly mobile bill.
Rogers forecasts total service revenue, which excludes device sales, will grow between 4% and 7% in 2023, compared with 6% growth last year.
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Strong worker and student immigration and increased telecom penetration in Canada will continue to support Rogers’ wireless business this year, CEO Tony Staffieri said on an analyst conference call.
Rogers said he would provide a new forecast after the deal with Shaw Communications Inc ( SJRb.TO ) closes, ceasing to provide a timeline. Earlier this week, he extended the deadline for closing the deal to February 17 from the end of January.
Fourth-quarter results were also helped by Rogers’ media business, which benefited from a jump in advertising and sports-related revenue during the holiday quarter, with revenue rising 17% to C606 million ($456 million).
Revenue in its core wireless business rose 7 percent to $2.58 billion, according to estimates.
Net income increased 25 percent to C$508 million in the reporting quarter. On an adjusted basis, the company earned C$1.09 per share, beating estimates of C$1.01 per share, according to Refinitiv.
Revenue rose 6% to C$4.17 billion, compared to C$4.15 billion.
(1 Canadian dollar = $0.7530)
Reporting by Yuvraj Malik in Bengaluru Editing by Vinay Dwivedi
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