Rogers Communications Inc. has announced its Q1 financial and operating results for the three months ended March 31, boasting a 24% bump in media revenue.
Total revenue and total service revenue each increased by 2% this quarter, driven by service revenue growth in the company’s Wireless and Media businesses.
Wireless service revenue increased by 2%, primarily as a result of continued subscriber base growth, offset by a decline of 3% in Wireless equipment revenue due mainly to lower device sales. Cable revenue decreased by 1% as a result of continued competitive promotional activity and declines in Home Phone, Video, and Satellite subscriber bases.
Media revenue increased by 24% to $596 million, mainly as a result of higher sports-related revenue, including at the Toronto Blue Jays, and higher subscriber and advertising revenue related to the launch of Warner Bros. Discovery’s suite of channels and content.
President Tony Staffieri told the company’s Annual General Meeting that the company is seeing the signs of a slowing economy as U.S. tariff policies have a ripple effect globally, in addition to grappling with a slowdown in immigration.
Despite that, Staffieri said the company remains confident in its long-term growth plan.
“We have a 65-year track record of leading through a variety of economic conditions,” said Staffieri. “That’s how Rogers grew from one radio station to Canada’s leading communications and entertainment company.”
Staffieri told shareholders Rogers will navigate that uncertainty by leveraging its mix of assets to drive growth, including its sports portfolio as it expands to become majority owner of MLSE and extends its partnership with the NHL for another 12 years.
“Our mix of assets gives us an undisputed advantage over our competitors — we work in an industry where demand for connectivity and content is growing. And we’re well positioned,” said Staffieri. “People are consuming more content across more screens and more devices – from live sports to the best shows. In the last five years, wireless data usage is up 400% and home data usage is up 200%. And we plan to lead and drive this demand for data.”
He said Rogers is also ramping up its focus on retaining existing customers, including delivering better customer service, in part by relying on AI-powered tools to serve more customers faster.
Staffieri also acknowledged the pressure on the company’s share price, which is trading down nearly 20% year-over-year, at $35.07.
“We know our world-class sports portfolio is not recognized in our share price. We are working on a clear plan to surface more value for our sports assets over the medium term,” said Staffieri.
“We can’t control everything that affects capital markets – but we can control how we operate, how we invest, and how we manage our balance sheet.”
