Telus revenue, profits up as it realizes gains from job cuts

Telus Corp. announced its third quarter results on Thursday, reporting an increase in both revenues and profits for the Vancouver-based company. For the three-month period ended Sept. 30, revenues came in at $5.1 billion, a slight 1.8 per cent increase from the same time last year. Telus’ profits, meanwhile, shot up 87.6 per cent to $257 million, compared to the previous year’s $137 million. The company attributed the increase to broad cost-cutting measures, including workforce reductions, as well as higher gains on real estate projects and subscriptions. Last year, Telus announced it was cutting 6,000 jobs. Telus International took 2,000 losses while its main business cut the remaining 4,000 positions. The company has also been making moves to relocate some of its workers, with some taking buyouts instead. Payments issued by Telus during the workforce reductions contributed to its decline in profits last year. Telus’ earnings before interest, taxes, depreciation and amortization (EBITDA) was $1.76 billion, a 15.8 per cent increase from $1.52 billion in Q3 2023. Adjusted EBITDA, which excludes restructuring and other costs, saw a more modest increase of 1.3 per cent to $1.84 billion, compared to $1.82 billion last year. Net telecom subscriber additions decreased by 14.5 per cent during the quarter, going down to 347,000 from last year’s 406,000. Q3 2023 was Telus’ strongest quarter of telecom customer growth to date, the company declared at the time. Telus’ total mobile phone subscriber base sits at 10.01 million, while its total internet subscriber base is at 2.72 million. Making up part of that total was 130,000 net mobile phone additions, down 18.8 per cent from 160,000 last year. Net connected device additions totalled 159,000, a decrease of 11.2 per cent from 179,000 last year. Net internet additions came in at 34,000, an 8.1 per cent decrease from 37,000 last year. Net TV additions for the quarter were up, coming in at 21,000. This marks a five per cent increase from 20,000 last year. Residential voice subscriptions continue to decline with Telus reporting a loss of 9,000 subscribers. That is 12.5 per cent more than last year’s 8,000 subscriber loss. phalentm@thewirereport.ca

Telus revenue, profits up as it realizes gains from job cuts

Telecom |
By Phalen Tynes-MacDonald
| November 8, 2024

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Telus revenue, profits up as it realizes gains from job cuts

Telecom | By Phalen Tynes-MacDonald | November 8, 2024

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By Phalen Tynes-MacDonald
| November 8, 2024