Rogers Third-Quarter Profit Drops 24% on Competition
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Rogers Communications Inc., Canada’s largest wireless carrier, said third-quarter profit declined 24 percent as it added fewer subscribers and spent more on current customers’ phone upgrades. The stock slumped.
Net income dropped to C$370 million, or 64 cents a share, from C$485 million, or 79 cents, a year earlier, Toronto-based Rogers said today in a statement. Sales rose 2.7 percent to C$3.12 billion, compared with the average analyst estimate of C$3.18 billion in a Bloomberg survey.