Canadian telecom powerhouse Rogers Communications (NYSE: RCI) isn't fighting with News Corp. or launching walled video content. It's also not making as much money or adding as many wireless subscribers, according to third quarter results released this morning.
On the other hand, the company reported that cable operations and media revenues were holding their own, up 3 percent to $797 million and $376 million respectively and cable total service units (TV, Internet and telephony) grew by 54,000, 8 percent faster than 2009 with Internet leading the way at 72 percent penetration and VoIP at 43 percent.
The fascination with wireless results showed the transformation of Rogers from primarily a cable TV provider into a more diversified company with a powerful mobile business operating in a highly volatile environment. In the wireless space, where competition is fierce, profits dropped 24 percent ($485 million to $370 million) and new subscriber numbers fell from 167,000 to 125,000.
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- see all third quarter earnings reports as they come in