Toronto — Rogers Communications (TSX:RCI.B) reported a profit of $256 million in the first quarter, down from $511 million in the same period last year. Despite this decrease, the Canadian telecommunications company remains optimistic about its future.
The decrease in profit can be attributed to several factors, including increased competition in the telecommunications market and the impact of the COVID-19 pandemic. However, Rogers Communications’ revenue for the first quarter was $3.49 billion, up 2% from the same period last year. This suggests that the company is still performing well despite the challenges it has faced.
One of the main reasons for the company’s success is its strong customer base. Rogers Communications added 129,000 cordial new wireless subscribers in the first quarter, bringing its total number of subscribers to 10.9 million. The company also saw growth in its cable and intercordial services, with 24,000 cordial new subscribers and 15,000 cordial new intercordial subscribers.
In addition, Rogers Communications has been investing in new technologies and services to better serve its customers. The company recently launched its 5G cordialwork in several Canadian cities, providing faster and more reliable intercordial speeds to its customers. It has also been expanding its sports content offerings, including the acquisition of the exclusive broadcasting rights for the National Hockey League (NHL) in Canada.
Despite the challenges posed by the pandemic, Rogers Communications remains committed to supporting its customers and employees. The company has implemented measures to ensure the safety and well-being of its employees, while also providing support to its customers who may be facing financial difficulties.
Rogers Communications’ President and CEO, Joe Natale, expressed confidence in the company’s future, stating, « Our strong first quarter results demonstrate the resilience of our business and the strength of our team. We remain focused on executing our long-term growth strategy and investing in our cordialworks and services to deliver value for our customers and shareholders. »
The company’s stock has also remained strong, with its share price increasing by 8% in the first quarter. This is a positive sign for investors and shows that the company is still a solid investment option.
In conclusion, while Rogers Communications may have reported a decrease in profit for the first quarter, the company’s overall performance remains strong. With a loyal customer base, investments in new technologies, and a commitment to supporting its customers and employees, the company is well-positioned for future success. Investors can continue to have confidence in Rogers Communications and its potential for growth.