By Canadian Press

Telus profits plunge 75 per cent despite record customer growth

Nov 3, 2023 | 7:03 AM

VANCOUVER — Telus Corp. is reporting a 75 per cent year-over-year drop in profits in its latest quarter, despite a solid revenue boost and record customer growth.

The telecommunications company says net income fell to $137 million in the quarter ended Sept. 30 from $551 million in the same period the year before.

Telus attributes the plunge to costs related to restructuring after it announced in August it would cut 6,000 jobs due to issues around regulation and competition.

The Vancouver-based company says operating revenues rose 7.5 per cent in its third quarter to $4.99 billion from $4.64 billion a year earlier.

Adjusted basic earnings fell nearly 27 per cent to 25 cents per share from 34 cents per share, but slightly beat analyst expectations of 24 cents per share, according to financial markets data firm Refinitiv.

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Telus says net customer growth hit a quarterly record of 406,000, an increase of 59,000 from the year before that it says was driven by demand for bundled services.

This report by The Canadian Press was first published Nov. 3, 2023.

Companies in this story: (TSX:T)

The Canadian Press