Rogers Beats Estimates on Sports Revenue as Wireless Subscriber Growth Stalls

Rogers Communications Inc. beat analyst earnings expectations on gains from its sports assets, even as its core wireless business continued to struggle, the company reported. Canada's largest mobile provider earned C$1.29 per share on an adjusted basis in the third quarter, topping the C$1.23 average estimate in a Bloomberg survey. Media revenue rose 9% to C$821 million from a year earlier. Rogers doubled its stake in Maple Leaf Sports & Entertainment last year and, as of Oct. 1, owns 100% of the company that runs the Toronto Raptors and Toronto Maple Leafs. It already owned the Toronto Blue Jays and plans to sell a minority stake in a consolidated sports, media and entertainment company, targeting a deal in the first half of 2027. Wireless revenue, the company's largest segment, rose 1% to C$2.69 billion, but Rogers added just 6,000 net postpaid subscribers versus roughly 33,000 expected and 62,000 a year earlier. Adjusted Ebitda rose 1% in both the cable and wireless divisions. Immigration tightening since 2024 has limited the pool of new users, while telecom firms have used aggressive discounts to drive switching.