The standardization of the features comes as competition remains fierce in Canada’s telecom industry following the big shakeup that saw Quebecor acquire Freedom in April last year, while Rogers Communications Inc. took over Shaw Communications. Quebecor reported a 0.8 per cent dip in revenue in its second quarter to $1.39 billion. The tick lower came as telecommunications revenue fell 1.2 per cent, while sports and entertainment revenue dropped seven per cent.
The drop in revenue came despite the company’s net increase of 66,200 subscribers in the second quarter, including 93,500 mobile subscribers. The added subscribers came in a quarter where the company announced it was expanding its geographic reach, bringing both its Freedom and Fizz brands to several regions including Manitoba. The company is relying on access agreements to the networks of other carriers to make the expansion, which is why it’s pushing on resolving outstanding issues with the regime.
Second-quarter net income worked out to $206.6 million, up from $171.3 million a year ago. The company says its profit amounted to 90 cents per diluted share for the quarter ended June 30 compared with a profit of 73 cents per share a year earlier. Quebecor says its adjusted income from operating activities amounted to 89 cents per share in its latest quarter, up from 79 cents per share a year earlier.
Results came in slightly ahead of expectations, said RBC analyst Drew McReynolds, as wireless loading saw a “nice uptick”, offset by pressure on its television and telephone subscribers. This report by The Canadian Press was first published Aug. 8, 2024. Companies in this story: (TSX:QBR.B)
