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Shaw acquisition helped Rogers net billions in revenue, company’s Q2 financial results reveal

Cable is one area Rogers reported substantial growth in

Rogers’ acquisition of Shaw has dramatically helped boost the company’s figures, according to their Q2, 2023 financial results.

Rogers reported just over $5 billion in total revenue, a 30 percent increase compared to the same quarter last year.

Revenue from wireless services increased by 7 percent. This is due to growth in mobile subscribers and revenue from Shaw Mobile subscribers. Roaming revenue from increased travel also played a role.

Rogers finalized the acquisition with Shaw on April 3rd, taking over the company’s wireline businesses and Shaw Mobile customers. Vidéotron acquired Freedom Mobile, which was once a Shaw brand.

The company increased its postpaid mobile subscriber base by 48 percent. This figure doesn’t include the 501,000 postpaid subscribers Rogers got from Shaw. However, with the addition of the Shaw Mobile subscribers, Rogers now has more than 10 million postpaid mobile phone subscribers.

Rogers generated roughly $56.79/month from mobile phone subscribers. This is a slight decrease from the $58.83 generated in Q2, 2022 and came from the lower cost plans associated with Shaw Mobile. Rogers also lowered the cost for some of its 5G plans in May.

Revenue from wireless equipment increased by 20 percent. Two factors largely played a role: new customers purchasing devices and the sale of higher-valued phones.

Rogers cable (wireline) service revenue saw a 93 percent increase due to the Shaw acquisition. This is a considerable change from the same period last year, which saw a 3 percent increase. More recently, in the first quarter of 2023, Rogers reported a decrease in cable service revenue.

“[There’s] more than you do here but the fundamentals are headed in the right direction,” CEO Tony Staffieri said during a call discussing the results.

The acquisition of Shaw brought 1.9 million retail internet subscribers, 1.2 million video subscribers, and 890,000 home phone subscribers to Rogers.

Staffieri said the company is continuing its integration with Shaw, which is “tracking ahead of plan” after acquiring it for $26-billion.

Update 26/07/2023 11:15am ET: The article has been updated with additional information.

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