Rogers Communications has continued to deliver industry-leading growth in Q1 2024, the ninth consecutive quarter of growth and momentum. A year post-merger, "more Canadians continue to choose Rogers over any other carrier, and we're one year ahead of our synergy targets,” said Tony Staffieri, President and CEO.
During April 2023, Canadian authorities approved Rogers Communications' CAD 26 billion takeover of telecom rival Shaw, ending a two-year discussion in one of the largest corporate tie-ups in the nation's history.
Impressed with how the Shaw assets are adding value to the company, the CEO told analysts during the earnings call that “continued efficiency improvements” will be done amidst hitting CAD 1 billion of synergy savings, one year ahead of schedule.
Roger’s revenue jumped by 28% in the first quarter of 2024, driven by growth in its cable and wireless businesses, while its profit decreased by 50% to CAD 256 million. The company reported its wireless service revenue went up 9% in the first quarter of 2024, due to a higher number of customers from both the Shaw Mobile integration and subscriber growth.
Also Read: Canada’s First 5G Network Slicing Successfully Tested by Rogers
Also Read: Rogers to Expand Satellite-to-Phone Coverage in 2024
Data Center Divestment
On the other hand, Rogers reportedly listed its data centers for sale in an effort to raise a billion dollars as the company moves to pay off debt related to the Shaw merger.
During the earnings call, CFO Glenn Brandt confirmed that the company is looking at “raising a billion dollars in asset sales, predominantly (from) real estate.”
The decision to sell the company's enterprise data centers, which focus on third-party sales, will not affect the company’s wireless services as they are managed separately.
Also Read: Rogers Canada Sells 829 Million of Assets
Customer Complaints
The latest report from the Commission for Complaints for Telecom-television Services (CCTS) reveals a significant surge of 43% in complaints registered by telecom and TV consumers in Canada from August 1, 2023, to January 31, 2024. Among the highlights in the mid-year report, Rogers experienced a 118% rise in complaints wherein the company accounted for 26% of the 10,663 accepted complaints.
Within the period of August 1, 2022 to July 21, 2023, Rogers recorded the highest number of complaints among all service providers for the first time since its inception.