Not to be overshadowed by the news that Guy Laurence is leaving Rogers, the national carrier also announced its Q3 2016 quarterly earnings this morning
Normally, when a top-level executive jumps ship, the assumption is that the company’s financials tanked, but in the case of Rogers, Canada’s largest carrier delivered a solid three months in Laurence’s final quarter as CEO.
In the three month period that ended on September 30, wireless revenue and media revenue increased to $2.03 billion and $533 million — increases of 6 percent and 13 percent, respectively. In turn, overall revenue rose from $3.38 billion to $3.49 billion, a year on year increase of 3.2 percent.
As in past quarters, Rogers attributes the continued increase in adoption of pricier Share Everything plans, as well as 114,000 net postpaid additions, an increase of 37,000 year on year, as the main reasons behind the success of its wireless division.
That said, postpaid churn, the number of customers that left Rogers to subscribe with another carrier, also decreased by five basis points in Q3 2016 — this is the fourth consecutive quarter in which Rogers has seen fewer subscribers jump ship. In addition, despite the addition of approximately 153,000 subscribers from Mobilicity, average revenue per user actually increased from $61.0 to $62.30.
But the biggest takeaway in terms of wireless numbers is that between prepaid and postpaid additions, Rogers now has 10,143,000 subscribers.
It is the first Canadian carrier to achieve this feat.
According to Rogers, Q3 2016 was its best quarter in terms of wireless performance and subscriber additions since 2010.
Meanwhile, the carrier says the continued success of the Toronto Blue Jays, as well the strong performance of the World Cup of Hockey in September, led to the media division’s strong showing.
“We have appreciated Guy’s leadership over the last three years,” said Rogers family head and deputy chairman of Rogers Communications, Ed Rogers. “He has moved the company forward re-establishing growth, introducing innovative programs like Roam Like Home, while getting the company ready for its next phase of growth. On behalf of the Rogers family and the Board, I’d like to thank Guy for his competitive spirit and many contributions.”
With the always dependable Q4 now underway, incoming CEO Joseph Natale adopts a company in excellent financial standing; the question is where he will take it next.