Rogers Communications misses quarterly revenue estimates By Reuters
© Reuters. FILE PHOTO: An indication is pictured outdoors a Rogers Communications retail retailer in Ottawa, Ontario, Canada July 20, 2017. REUTERS/Chris Wattie
(Reuters) – Canada’s Rogers (NYSE:) Communications Inc reported third-quarter income on Thursday that missed analysts’ estimates because the pandemic continues to dampen progress at its advertisements and wi-fi companies.
Pandemic-related restrictions in July saved most individuals indoors, hurting the corporate given its reliance on skilled sports activities and wi-fi roaming as key income streams.
Rogers additionally faces further strain to develop its subscriber base amid stiff competitors from different telecom gamers wanting so as to add extra prospects on their new 5G networks.
Throughout the quarter Rogers added 175,000 subscribers who pay a month-to-month invoice.
The corporate’s whole income was C$3.67 billion ($2.97 billion) within the quarter ended Sept. 30, in contrast with estimates of C$3.68 billion, in response to Refinitiv Knowledge.
Rogers can also be in the course of a uncommon boardroom tussle within the Canadian company panorama, because it tries to spice up its place within the nation’s crowded telecoms market with a C$20 billion ($16.2 billion) takeover bid for smaller rival Shaw Communications (NYSE:) Inc.
The deal is attracting scrutiny from a number of authorities regulators over whether or not it would lower competitors.
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