Expects Shaw transaction to close in first half of 2022
TORONTO – Rogers Communications Inc. today reported its total revenue is up 6% to $3.9 billion for the quarter ended Dec. 31 compared to the same quarter the previous year.
Broken down by segment, wireless revenue increased 5% to $2.4 billion, media revenue increased 26% to $516 million and cable revenue was flat at $1 billion for the company’s fourth quarter of 2021.
For wireless, service revenue was up 6% to $1.7 billion and equipment revenue was up 4% to $680 million. Rogers reported 130,000 net postpaid wireless subscriber additions in Q4 2021.
“Wireless service revenue increased by 6% this quarter, mainly as a result of larger postpaid subscriber base and higher roaming revenue, as Covid-19-related global travel restrictions were generally less strict than last year,” a press release explains.
“Wireless equipment revenue increased by 4%, as a result of higher device upgrades by existing subscribers, and higher gross additions, partially offset by increased promotional activity during key selling periods.”
The 26% increase in media revenue was primarily due to the NHL and NBA 2020-2021 seasons being postponed, which impacted the company’s Q4 2020.
The company’s Q4 2021 results also show overall adjusted EBITDA was down 4% to $1.5 billion and adjusted net income was down 3% to $486 million.
“We delivered strong results in our fourth quarter, led by accelerating revenue growth and solid net subscriber additions in our Wireless business,” said Tony Staffieri, president and CEO of Rogers, in a company press release.
“This is a critical year for Rogers and the changes we are making to drive a renewed focus on execution, along with strategic investments in our networks and customer experience, should help drive long-term growth and increase shareholder value,” he said.
“We will accelerate the momentum across our business as we come together with Shaw to expand our next-generation networks nationally, offer customers more choice, and enable Canada to thrive in the global digital economy.”
Rogers still expects its deal with Shaw to go through in the first half of this year if all necessary approvals are received and other conditions are met.
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