Canada’s Rogers beats revenue estimates as sports broadcast resumes

FILE PHOTO: Rogers Communications logos are seen above a booth during the media day at the Canadian International AutoShow in Toronto, Ontario, Canada, February 14, 2019. REUTERS/Chris Helgren

(Reuters) – Canada’s Rogers Communications Inc RCIb.TO beat estimates for third-quarter revenue on Thursday, as the telecom operator’s ad sales grew after NHL hockey and sporting events resumed.

Revenue from the media segment, which includes television and radio broadcasting and digital media, rose 1% to C$489 million due to resumption of sports events.

The company said it added 138,000 wireless postpaid net subscribers during the quarter, up 34%, as stores reopened after coronavirus-led lockdowns.

However, the company’s revenue fell about 2% to C$3.67 billion ($2.79 billion), largely driven by a 9% decrease in wireless service revenue, as fewer people opted for its roaming services.

Analysts on average had expected revenue of C$3.34 billion, according to IBES data from Refinitiv.

Excluding items, the company earned C$1.08 per share, above analysts’ estimates of 78 Canadian cents per share.

Rogers did not provide an updated financial outlook for 2020 due to uncertainties caused by the pandemic.

Reporting by Akanksha Rana and Tiyashi Datta in Bengaluru; Editing by Sriraj Kalluvila