Wireless competition wallops Q3 profits at Rogers

TORONTO – Third quarter profits at Rogers Communications dropped 24% as Canada’s largest wireless company began to feel the impact of new wireless competitors.Net income fell to $370 million in the three month period ended September 30th, down from $485 million at the same time a year earlier, while on an adjusted basis, net income was down 6% to $476 million. Revenue increased 3% to $3.1 billion."The third quarter 2010 results demonstrate continued steady growth in new subscribers, revenues and free cash flow, and the return of significant amounts of cash to our shareholders through dividends and share buybacks," said president...