The
Shares in the company ended the day down
However, company executives stressed that Rogers performed well during the March-June quarter, given the unusual circumstances caused by widespread economic shutdowns due to COVID-19.
"In general, we anticipate modest sequential financial and operating improvements in Q3 for each of our businesses as the economy starts to open up and live sports slowly resume," chief financial officer
"We do not know what back-to-school will look like as customers are only now slowly getting back to shopping, but the economy is opening up, and that should help in our and the industry's recovery."
The September return to school is typically one of the telecom industry's busiest periods, as post-secondary students moving away from the family home buy internet and cable services and parents of teens equip their children with wireless phones.
This year, provincial officials are still working out how quickly they can safely resume classes, and there likely be increased use of video classes or other remote learning at colleges and universities.
In turn, the uncertainty over availability of childcare for school-aged children is causing some parents to wonder if they will be able to return to work, or continue to work from home if in-class education doesn't return to five-days per week.
Staffieri said that Rogers saw positive demand for its home internet and TV offerings during the early months of the pandemic, so additional growth could be more muted this year than usual.
On the other hand, he said Rogers plans to push through previously delayed increases to internet and television services in the fall. Further details weren't immediately available.
In terms of mobile phone sales and wireless services, about 90 per cent of Rogers stores across
"In wireless, June saw a notable recovery in loading (new subscribers) as most stores were starting to open and July is trending a little bit better as well," Staffieri said.
On the other hand, he said, revenue from roaming away from the Rogers wireless network dropped almost
Chief executive
He said the Rogers sports and media business saw the most pressure in the second quarter, noting a "material loss" of advertising revenue due to cancelled live games and a lack of game-day revenue for the company's
The Blue Jays will not be playing home games in
"Similar to wireless and cable, we're seeing some positive signs," Natale said. "with live sports scheduled to come back, advertisers are calling eager to participate in the return of live sports."
Nevertheless, overall profitability and adjusted earnings from the Sports and Media business likely won't return until fans can watch the Jays live, Steffieri said.
"We're quite optimistic about the revenue profile in Q3, and we'll see what Q4 brings," he said. "But to be clear . . . we still continue to expect a loss overall in media in Q3 and probably Q4 as well."
Earlier Wednesday, Rogers reported it earned
Adjusted net income was
Revenue was
Rogers was expected to report
This report by
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