Rogers raked in massive profits despite growing telecom complaints in Canada
Despite the fact that Rogers boasts the largest proportion of a growing number of telecom complaints across the country, the provider just reported a massive jump of billions in revenue.
The company’s fourth quarter 2023 fiscal results show a staggering 30% increase in service revenue, to the tune of $16.8 billion over the three-month quarter — indicative that, even with all of the issues and complaints, more people continue to sign on with Rogers and upgrade their services.
Per the document, released Thursday, Rogers ended last year with 11.6 million wireless customers and 4.2 million internet customers, which included a surge of 674,000 more people signing on to postpaid phone plans over the course of the year.
Its takeover of Shaw Communications, which was finalized in April 2023, also meant a huge spike in cable revenue, which was up a staggering 94% in Q4 2023.
However, the $26 billion acquisition drove profits down some 35% compared to the same time last year — though profits still reached a bonkers $328 million (or $630 million in adjusted net income). One can only imagine what they would be if it weren’t for the deal.
Rogers said in its release today that it anticipates further increases in revenues, following the trend of Canadian airlines, supermarkets, and more — companies raking in profits regardless of the quality of service they provide.