By Dave Sebastian
Rogers Communications Inc. said its profit fell for the second quarter as revenue in its wireless service and equipment as well as media segments fell due to the Covid-19 pandemic.
The Canadian telecommunications company on Wednesday posted net income of 279 million Canadian dollars ($207.7 million), or C$0.54 a share, compared with C$591 million, or C$1.15 a share, in the year-ago period.
Adjusted earnings were C$0.60 a share, lower than the C$0.91 a share analysts polled by FactSet had expected.
Revenue fell 17%, to C$3.16 billion. Analysts were looking for C$3.44 billion.
The company said wireless service revenue fell 13% due to a decline in roaming amid global travel restrictions. Wireless equipment revenue fell 17% due to lower additions and device upgrades by existing subscribers. Media revenue fell by half because of lower advertising revenue, the company said. Cable revenue declined 3% due to a decrease in the company's legacy television and home phone subscriber bases.
The company said it couldn't yet determine the full effect of the pandemic on its business.
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