Rogers closed out the full year of 2024 with over $20 billion in revenue, leading the Canadian telecom market as more customers signed up for its wireless and internet services than any other provider it says.
In its fourth quarter earnings shared today, net income was $558 million, a 70% increase compared to $328 million in the same period the previous year.
For the full year of 2024, net income was $1.734 billion, more than double the $849 million it reported in 2023. The company attributed this significant increase to higher adjusted EBITDA (profits) and improved cost efficiencies.
“The fourth quarter caps three straight years of industry-leading results,” said Tony Staffieri, President and CEO in a statement. “I’m proud of our team and their disciplined execution in a very competitive market. As I look to the year ahead, our 2025 outlook reflects continued growth, strong free cash flow, and investment in our core businesses.”
Rogers added 623,000 new mobile and internet subscribers total in 2024, making it the top carrier in customer growth it said on Thursday. For Q4, it saw an increase of 95,000 net postpaid and prepaid wireless customers.
Wireless revenue saw a 2% increase, with 95,000 new postpaid and prepaid phone subscribers in Q4.
The company also reported a lower churn rate for postpaid mobile customers, meaning fewer people canceled their service. The churn rate dropped to 1.53%, down from 1.67% in the same quarter the previous year.
Meanwhile, monthly revenue per user for mobile phone services rose slightly to $58.04, up from $57.96 in 2023.
Rogers’ internet services also saw strong growth, with 26,000 new subscribers, a 30% increase compared to the previous year. The company’s media division reported a 10% revenue boost, fueled by higher engagement in sports and entertainment (thanks Taylor Swift fans). Overall, service revenue grew 7%, while profits climbed 12%.
Starting in April, some Rogers customers will see price increases for internet and home phone. Overall, the telecom industry has been hurting in Canada with stock prices down in 2024 from highs in years’ past.
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70% increase? thats just crazy! Keep fcking Canadians
Well I always liked Rogers more than Bell & Telus.
Before I left Telus (and Canada) Telus offers me $2 discount on my bill to say with them, rather than move to Rogers, so I left.
Then they waste their time and money on win-back offers that were worse than I was getting with Rogers anyways.
There is little point to Telus and Bell these days, other than sky high prices.
Internet, TV and Home phone for mom with Rogers: $109. With Bell: $202. It's a huge difference for a retiree.