(Corrects paragraph 2 to say postpaid wireless subscriber additions numbers fell to “103,000”, not “103 million” from “124,000”, not “124 million”)
Oct 23 (Reuters) - Canada’s Rogers Communications Inc cut its full-year revenue forecast on Wednesday after the company added fewer wireless subscribers in the third quarter due to stiff competition.
The net postpaid wireless subscriber additions in the quarter fell to 103,000 from 124,000 a year earlier, in spite of the company’s heavy spending on developing 5G infrastructure across the country to attract more customers.
The company now expects full-year revenue growth to roughly stay flat, compared with an earlier forecast of a 3% to 5% growth.
The Toronto-based company generated an average revenue per user of C$67.20 for its wireless services, compared to C$66.20, the previous year, beating analysts’ estimates of C$57.71 per user.
Excluding items, it earned C$1.19 per share missing average analysts’ estimate of C$1.31 cents per share, according to IBES data from Refinitiv. The Canadian phone company’s net income fell to C$593 million ($452.88 million)or C$1.14 per share, from C$594 million, or C$1.15 per share, a year earlier.
Revenue fell just about 1% to C$3.75 billion ($2.86 billion). ($1 = 1.3094 Canadian dollars) (Reporting by Ambhini Aishwarya in Bengaluru; Editing by Vinay Dwivedi)