Written By Rogers Communications, one of Canada’s leading telecommunications companies, has reported strong financial results in the second quarter of 2023, driven in large part by the country’s population boom.
According to the company’s latest earnings report, Rogers saw a 6% increase in revenue year-over-year, reaching $3.92 billion in the second quarter of 2023. This growth was driven by strong performances in several of the company’s business units, including wireless, cable, and media.
The wireless division in particular saw significant growth, with revenues up 8.5% year-over-year to $2.15 billion. This growth was driven by a combination of factors, including the company’s ongoing network expansion and the increasing demand for wireless services among Canadians.
Canada’s population has been steadily increasing over the past decade, with over 38 million people now calling the country home. This has created a significant market opportunity for telecommunications companies like Rogers, as more Canadians rely on wireless services for both personal and professional use.
“The growth we’re seeing in our wireless business is a direct reflection of the strong demand for connectivity and mobile services in Canada,” said Joe Natale, President and CEO of Rogers Communications. “We’re committed to delivering the best network coverage and services in the industry, and our recent financial results are a testament to the success of those efforts.”
Rogers’ cable business also performed well in the second quarter, with revenues up 4% year-over-year to $990 million. This growth was driven by strong demand for high-speed internet services and the company’s ongoing investments in network infrastructure.
The company’s media business saw a 5% increase in revenue year-over-year, reaching $790 million in the second quarter. This growth was driven by the company’s sports and news programming, which has continued to attract viewers despite the challenges posed by the COVID-19 pandemic.
While Rogers’ financial results are undoubtedly good news for the company and its shareholders, some consumer advocates have raised concerns about the high cost of telecommunications services in Canada.
According to a recent report by the Canadian Radio-television and Telecommunications Commission (CRTC), Canadians pay some of the highest prices for telecommunications services in the world, with wireless services in particular being significantly more expensive than in other countries.
“We need to do more to ensure that Canadians have access to affordable telecommunications services,” said Janet Lo, Executive Director of the Public Interest Advocacy Centre, a non-profit organization that advocates for consumer rights. “While it’s great to see companies like Rogers performing well, we can’t forget that many Canadians are still struggling to afford the basic services they need to stay connected.”
Despite these concerns, Rogers remains optimistic about its future prospects, with plans to continue investing heavily in network infrastructure and expanding its offerings in areas such as Internet of Things (IoT) and 5G services.
As Natale noted in a recent statement, “We’re always looking for new ways to innovate and deliver value to our customers. We’re confident that our ongoing investments in network expansion and new technologies will enable us to continue delivering strong results for our shareholders while also meeting the evolving needs of Canadian consumers.”
