Canada's Rogers misses estimates for quarterly subscriber additions (updated)

BCE

24/10/2024 12:11

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       Oct 24 (Reuters) - Canada's Rogers Communications
 RCIb.TO  on Thursday missed market expectations for
third-quarter wireless subscriber additions, hit by cautious
spending on its mobile plans and stiff competition in the
telecom space. 
    The company added 101,000 monthly bill-paying wireless phone
subscribers in the third quarter, compared with estimates of
129,040, according to analysts polled by Visible Alpha. 
        Rogers has been seeing weaker spending on its mobile
plans as consumers cut back on discretionary spending amid high
inflation levels, choosing instead to switch to cheaper plans.
        Moreover, stiff competition from the other two major
telecom firms in Canada, BCE  BCE.TO  and Telus  T.TO  have put
pressure on Rogers' subscriber additions and triggered a pricing
shift in the market. 
        The company reported net income of C$526 million ($380.7
million), compared with a loss of C$99 million, a year ago. 
    
    

($1 = 1.3817 Canadian dollars)

 (Reporting by Zaheer Kachwala in Bengaluru; Editing by Shailesh
Kuber)
 ((Zaheer.Kachwala@thomsonreuters.com;))