Rogers Communications Inc. says second-quarter profits slipped 9% as it faced heightened competition, but the results still came in above analyst expectations.
Rogers said Tuesday that net income at the country’s largest wireless carrier was $410 million, or 75 cents per share, which is weaker than a year ago when the company posted $452 million in profits or 77 cents per share.
However, the profits are four cents ahead of analyst expectations on an adjusted basis, according to a poll by Thomson Reuters.
“Rogers delivered a solid performance in the second quarter both for financial and subscriber results, delivering solid growth in a highly competitive environment,” said president and CEO Nadir Mohamed in a release.
Revenue increased 3% to $3.12 billion.
That’s slightly above both analyst expectations and $3.02 billion the company reported a year earlier.
Rogers has announced it will roll out an even faster wireless network this year to serve its smartphone, tablet and mobile laptop users.
Rogers said it will roll out the new Long Term Evolution network in Ottawa this summer and also in Toronto, Montreal and Vancouver by the end of 2011 and will reach Canada’s top 25 markets by the end of 2012.
