Telus posts big profits on strength of customer additions

Telus Corp.’s profits shot up by almost 45 per cent after it reported its best second quarter on record for mobile and fixed customer additions. Telus’ profits soared to $498 million from the $344 million it reported in the same period last year, the company reported in its second quarter results Friday “Our robust performance reflects the potency of our globally leading broadband networks and customer centric culture which enabled record second quarter loading in terms of 247,000 net customer additions. This reflects strong demand for our superior bundle offerings and customer service over our rural leading broadband networks,” Telus president and CEO Darren Entwistle told analysts in a Friday morning conference call. The net customer additions included mobile phone additions of 93,000 for the three months that ended June 30, a 4.5 per cent jump from the 89,000 the company added in the second quarter last year. This is Telus’ best second quarter result since 2011. The average revenue per user for mobile phone services increased to $57.74 this quarter from the $56.56 incurred during this period last year. That comes out to a $1.18 or 2 per cent increase. The company also boasted “an industry-leading” fixed net additions of 62,000, an all-time second quarter record for Telus. Those numbers include 15,000 net additions for television and 34,000 for its internet services. Those segments each added 4,000 more customers since its second quarter of 2021, more than a 36 per cent change for television and a 30 per cent increase for internet. Entwistle declined to comment when asked by analysts if more customers are expected to flock to Telus this upcoming quarter as a consequence of Rogers Communications Inc.’s national outage. “I don't believe, from a values basis, it's the appropriate thing to do,” he said. “What you can expect from us going forward is more of the same. We will focus on quality loading, quality execution and quality financials in Q3, just like we did in all the previous quarters before it.” Its revenue increased by 7.1 per cent compared to this time last year jumping from $4.11 billion to $4.4 billion. That includes $1.62 billion generated from its mobile network revenue, up by more than 6 per cent from last year's $1.53 billion. Fixed data service revenues saw a 4.5 per cent increase since this time last year, increasing from $1.03 billion to almost 1.08 billion.

Telus posts big profits on strength of customer additions

Brief | August 5, 2022

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Telus posts big profits on strength of customer additions

Brief | August 5, 2022

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