Briefing

Rogers posts net income drop of 53 per cent and pulls financial guidance

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The telecom also reported a 17 per cent year-over-year revenue drop in the second quarter, and a 53 per cent drop in diluted earnings per share. (The Logic)

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Talking point: Rogers’s results fell below analysts’ already pessimistic expectations. The firm posted earnings per share of 60 cents, below the average estimate of 71 cents. Lack of international travel led to a drop in roaming revenue, and the suspension of sports leagues contributed to a 50 per cent drop in its media division. Although the telecom isn’t offering financial guidance for the year it did offer some certainty for one group: shareholders, with a promise to keep its dividend going. The pandemic is only one challenge for Rogers. It’s also battling cord cutters, a Competition Bureau urging more competition, a federal government that wants it to cut prices and Bell and Telus in the race to offer 5G.