TORONTO — Rogers Communications Inc. says it earned $302 million in the second quarter on a 14-per-cent increase in revenues as it continued to recover from pandemic lockdowns.
The cable and wireless company says it earned 60 cents per diluted share for the three months ended June 30, up from 54 cents per share or $279 million a year earlier.
Adjusted profits were $387 million or 76 cents per share, compared with $310 million or 60 cents per share in the second quarter of 2020.
Revenues were $3.58 billion, up from $3.16 billion as wireless service revenue increased two per cent, cable revenue rose five per cent and media revenues surged 84 per cent due to higher advertising and Blue Jays revenues as live sports resumed.
The Toronto-based company, which is in the process of acquiring Shaw Communications Inc., was expected to earn 77 cents per share in adjusted profits on $3.56 billion of revenues, according to financial data firm Refinitiv.
Rogers says it added 99,000 new wireless postpaid subscribers, 9,000 new internet subscribers and 66,000 net Ignite TV subscribers in the quarter.
“As Canada emerges from the pandemic, our financial position and increased regulatory certainty for facilities-based providers enables us to continue enhancing connectivity to urban, rural, and remote areas across our country at record speed to meet the needs of consumers, businesses, and communities,” stated CEO Joe Natale.