Rogers Tops Estimates On Wireless, Media Strength

Canada's Rogers Communications Inc , on Thursday beat estimates for quarterly revenue, profit and phone subscriber growth, benefiting from higher roaming charges and promotional offers during the holiday quarter, reports Reuters.

Rogers' push to expand its 5G network and bundle subscriber plans has helped it win customers from rivals in a competitive market where wireless charges are among the highest in the world.

The telecom operator added 193,000 monthly bill paying wireless phone subscribers to top FactSet fourth-quarter estimate of 146,800, sending its shares up 1% at C$65.34 on the Toronto Stock Exchange.

Rogers forecast growth in total service revenue, which excludes equipment sales, between 4% and 7% for fiscal 2023, compared with 6% growth last year.

Higher immigration of workers and students and scope for telecom penetration in Canada will continue to support Rogers' wireless business this year, Chief Executive Officer Tony Staffieri said on an analyst conference call.

Rogers said it would provide a fresh forecast after its deal with Shaw Communications Inc closes, stopping short of providing a timeline. Earlier this week, it extended the deadline for the deal closure to Feb. 17 from January-end.