VANCOUVER – Telus today reported its operating revenue for the third quarter of 2022 was $4.6 billion – a 9.3% increase compared to the same quarter of 2021.
Adjusted EBITDA was $1.7 billion, which is a 10.7% year-over-year increase.
Mobile network revenue specifically “increased by $108 million or 6.8 per cent in the third quarter of 2022, due to an increase in the mobile phones and connected device subscriber base over the past twelve months, in addition to roaming improvements,” a press release explains. “As compared to the third quarter of 2019, mobile network revenue is higher by $118 million or 7.5 per cent.”
Mobile phone net additions were reported to be 150,000 in Q3 2022, “an increase of 15,000, driven by growth in high-value customers as a result of improvements in retail traffic as pandemic-related restrictions had lessened when compared to the prior year, as well as success in our selective promotions during an aggressive back-to-school period.”
Internet net additions were reported to be 36,000 in Q3 2022, a decrease of 10,000. This is “due to modestly higher churn compared to relatively low churn rates during heightened pandemic restrictions in the prior year, in addition to macroeconomic pressures impacting consumer purchasing decisions,” the release says.
“This was partly offset by our success in driving strong gross additions through bundled product offerings, including the TELUS Whole Home bundle and our bundling of mobility and home services.”
Telus also reported 18,000 TV net additions, an increase of 8,000 and “Residential voice net losses were limited to only 6,000 in the third quarter of 2022, compared to residential voice net losses of 11,000 in the same periods in 2021,” the press release says.
“In the third quarter, the TELUS team once again demonstrated continued execution excellence, characterized by the potent combination of industry-leading customer growth, resulting in strong operational and financial results across our business,” said Darren Entwistle, president and CEO of Telus, in the release.
“Our robust performance reflects the chemistry of our globally leading broadband networks and customer-centric culture, which enabled our strongest quarter on record, with total customer net additions of 347,000, up more than 8 per cent, year-over-year,” he said.
“This included strong mobile phone net additions of 150,000, up 11 per cent over last year and the best quarterly result since the third quarter of 2010; record high connected device net additions of 124,000; and industry-leading total fixed net additions of 73,000. Our leading customer growth is underpinned by our consistent, industry-best client loyalty across our mobile and fixed product lines.”
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