Telus 2020 Q1 Adds 70,000 Wireless Net Additions, Profit Declines 19%
Vancouver-based Telus announced its 2020 Q1 earnings today, adding wireless net additions of 70,000, while seeing operating revenues increase to $5.4 billion.
Compared to the year-ago quarter, Telus saw net income decline 19.2% to $353 million.
“The COVID-19 pandemic has had a profound impact on the communities where we live, work and serve,” said Darren Entwistle, President and CEO, in a statement. “Our team is working diligently, and with their characteristic grit, collaboration and innovation to ensure all Canadians stay connected at a time when the human connection has never been more important. We are simultaneously ensuring we meet the needs of all of our stakeholders as we begin to focus our collective efforts on modernizing our mode of operations as a necessary outcome of the global health emergency.”
From the 70,000 wireless net additions, Telus said 21,000 of those were “high-quality” mobile phone net additions. Mobile phone average revenue per user was at $58.60, a decline of 1.2% compared to the year-ago quarter.
“Mobile phone ARPU continues to be impacted by the continued trend of declining chargeable usage and the impact of the competitive environment putting pressure on base rate plan prices. These declines more than offset the increased number of customers selecting higher-tier plans with endless data or larger data buckets,” explained Telus.
Telus also announced it is withdrawing its 2020 consolidated financial guidance due to the impact of the COVID-19 pandemic. The company says it will provide an update on overall guidance in Q2 earnings at the end of July.