Rogers Communications Inc Class B (NYSE:RCI) stock rose 0.19% (As on November 10, 11:38:28 AM UTC-4, Source: Google Finance) after the company beat estimates after posting strong wireless sales during the back-to-school period and a revenue increase in its media and cable businesses. The company added 225,000 postpaid wireless phone customers, about 27% more than forecasts. The company didn’t change its guidance for the year. The carrier said it added 279,000 mobile phone and internet subscribers, up 52,000 from last year. Its total mobile phone net adds totaled 261,000, which the company said was the best quarterly result yet. Cable service revenue went up 105 per cent, driven by revenues related to its acquisition of Shaw, which contributed approximately $1 billion for the quarte The results suggest Rogers is benefiting from Canada’s strong immigration — including an influx of foreign students and from its integration of Shaw Communications Inc., which Rogers acquired in April for about C$20 billion ($14.5 billion). In the weeks after the deal closed, Rogers shares spiked to their highest level in almost a year, but they’ve fallen 17% since the beginning of May, in line with major peers and the S&P/TSX Communication Services Sector subindex. The company has reported a net loss in the third quarter despite an increase in total revenue. The telecom giant said the loss of $99 million was a result of higher finance costs and costs related to its acquisition of Shaw Communications Inc., partially offset by increased earnings before interest, taxes, depreciation and amortization. It also included a $422-million loss on joint venture investments.

RCI in the third quarter of FY 23 has reported the adjusted earnings per share of C$1.27, beating the analysts’ estimates for the adjusted earnings per share of C$1.09, expected by analysts tracked by Bloomberg. The company had reported 52 per cent increase in consolidated adjusted EBITDA of $2.41 billion. Total revenue was $5.09 billion, up 36 per cent from last year, when it issued $150 million in credits to customers affected by a July 2022 network outage.

Additionally, the company has declared a quarterly dividend totaling 50 cents per share on each of its outstanding Class B Non-Voting shares and Class A Voting shares. The Quarterly Dividend will be paid on January 2, 2024 to shareholders of record on December 8, 2023.