TORONTO — Rogers Communications today reported its financial results for the second quarter of 2022, while also announcing the outside date for its proposed merger with Shaw Communications has been extended to Dec. 31, 2022.
In addition, when releasing its results for the second quarter, the company announced the estimated cost of compensating its customers for its recent nationwide network outage is $150 million. These customer credits will be included in Rogers’ third quarter 2022 operating results, according to a press release announcing the company’s Q2 2022 results.
Rogers also plans “to spend more on our wireless and wireline networks this year than we have in the past several years,” according to the release.
“As a result of the network outage in July 2022, we will direct capital expenditures to strengthen the resilience of our networks and we will continue to make significant investments in our networks to strengthen our technology systems, increase network stability for our customers, and enhance our testing,” the release says.
Looking at Rogers’ Q2 financial results for the three months ended June 30, 2022, the company’s total revenue increased by 8% year-over-year to almost $3.9 billion and its total service revenue grew 10% y-o-y to $3.4 billion, primarily driven by revenue growth in the companies’ wireless and media businesses, according to the release.
Breaking down Rogers’ results for the quarter by segment, wireless service revenue increased by 11%, cable service revenue grew by 3%, and media revenue increased by 21%.
The company’s wireless business reported postpaid mobile phone net additions of 122,000 in Q2 2022, up from 60,000 in Q2 2021. On the cable side for Q2 2022, Rogers reported retail Internet net additions of 26,000, compared to 14,000 in Q2 2021, and video net adds of 21,000, compared to a net loss of 4,000 video subscribers in the same quarter of 2021.
Rogers’ consolidated adjusted EBITDA grew 16% to $1.6 billion in Q2 2022, compared to the second quarter of 2021. Net income for the second quarter of 2022 was reportedly $409 million, a 35% increase over the same quarter of 2021.
“Our performance in Q2 reflects the incredible hard work by our Wireless, Cable, and Media teams as we continue to recover from the impacts of the pandemic,” said Tony Staffieri, Rogers’ president and CEO, in the press release.
“In the coming quarters, we will continue to focus on delivering additional improvements as we build on these results, while also working hard to regain the trust of our customers following our recent network outage,” Staffieri said.
“Our Q2 results also lay a solid foundation for both Rogers and Shaw as we look forward to closing the transaction following regulatory approval,” Staffieri added. “Rogers, Shaw, and Quebecor have put together a remedy that will create a strong and sustainable fourth carrier with proven operations that reach more than 87% of the Canadian population. Rogers, Shaw, and Quebecor are committed to seeing the transaction through to completion and delivering its long-term benefits to Canadian consumers, businesses, and the economy.”
For more on Rogers’ Q2 2022 financial results, please click here.
