Bell Canada Enterprises (BCE) reported a boost in profits in Q2 2024 following thousands of job cuts earlier in the year.
Per The Canadian Press (via BNN Bloomberg), BCE revenue slipped one percent to $6.01 billion compared to the same period last year. However, the company reported net earnings of $604 million, up 52 percent from Q2 2023.
CEO Mirko Bibic attributed the revenue drop to low prices at rival mobile and internet providers and to the closure of 107 The Source locations. The profit boost, however, came from lower expenses, including lower buying obligations, severance and acquisition costs.
Earlier this year, Bell announced it would cut 4,800 jobs, a staff reduction of about nine percent. Additionally, Bell sold 45 radio stations and axed several television newscasts. The move saw Bibic summoned before the Committee on Canadian Heritage, where he was grilled on the layoffs.
Source: BCE, The Canadian Press
MobileSyrup may earn a commission from purchases made via our links, which helps fund the journalism we provide free on our website. These links do not influence our editorial content. Support us here.
