Rogers Communications reports Q2 profit down from year ago, revenue up
By The Canadian Press on April 24, 2024.
TORONTO – Rogers Communications Inc. reported a first-quarter profit $256 million, down from $511 million a year ago, as it faced higher depreciation and amortization costs related to its acquisition of Shaw Communications and higher finance costs. The company says the profit amounted to 46 cents per diluted share for the quarter ended March 31, down from $1.00 per diluted share in the same quarter last year. Revenue totalled $4.90 billion, up from $3.84 billion a year earlier, helped by growth in its cable and wireless businesses. Rogers says wireless revenue totalled $2.53 billion in the quarter, up from $2.35 billion a year earlier, while cable revenue rose to $1.96 billion from $1.02 billion a year ago, boosted by the acquisition of Shaw last year. Media revenue at Rogers amounted to $479 million, down from $505 million in the same quarter last year. On an adjusted basis, Rogers says it earned 99 cents per diluted share in its latest quarter, down from an adjusted profit of $1.09 per diluted share in the same quarter last year. This report by The Canadian Press was first published April 24, 2024. Companies in this story: (TSX:RCI.B) 9-8
