TELUS Q1 2022: $4.3 Billion in Revenue, Wireless Subscribers Surge

TELUS today announced its operational and financial results for the first quarter ended March 31, 2022.

TELUS reported consolidated operating revenues of $4.3 billion, up 6.4% year-over-year from Q1 2021. Mobile network revenue grew by $74 million (or 4.9%), as compared to Q1 2021, to over $1.51 billion. Revenue from wireless network equipment and other services was down by $33 million (or 7.0%) to over $471 million.

TELUS added a total of 46,000 net new mobile subscribers, the provider’s best first quarter result for network additions since 2010. Total customer additions across all segments for Q1 2022 were 148,000, a new first-quarter record.

In comparison, fellow telecom giant Rogers Communications reported net new mobile subscriber additions of 66,000 for the same period, while merger-hopeful Shaw Communications saw healthy growth in wireless subscribers during the second quarter of its fiscal 2022, ending February 28.

Bell Canada on Thursday reported 32,176 net new postpaid and prepaid mobile phone subscribers for Q1 2022, along with record quarterly revenue growth from its wireless business.

“Our team once again achieved strong operational and financial results in the first quarter of 2022,” said Darren Entwistle, President and CEO of TELUS.

“TELUS’ ongoing execution excellence continues to be characterized by the consistent combination of industry-leading and profitable customer growth, yielding strong financial results across our business. Impressively, since the beginning of 2020 and the pandemic period, TELUS has driven leading cumulative revenue and EBITDA growth over the pre-pandemic baseline of over $4 billion and close to $600 million, respectively.”

Across all of its segments, TELUS reported a net income of $404 million, up 21% year-over-year.

“Our first quarter results reflect a strong start to 2022, as we enter the final year of our accelerated capital expenditure program,” said TELUS Executive Vice President and CFO Doug French.

“Building on the momentum established over the past several years, our results demonstrate our team’s ability to successfully deliver strong operating and financial growth, including delivering industry-leading consolidated revenue growth on a consistent basis over the last 12, 24 and 36 months.”