In the face of a global pandemic and accompanying economic crisis battering the company’s cash flow, Rogers emphasized that it’s on a strong fiscal footing.
“As we expected, our second quarter results reflect the economic pressures we saw in our business as Canadians adapted to the challenges of COVID-19,” chief executive Joe Natale said in the company’s earnings release. “As Canada’s business environment slowly improves, we will rely on our strong balance sheet, world-class networks, and leading market share position to support long-term growth and drive shareholder value.
With people spending more time at home, and relying heavily on communication technologies for work and entertainment, telecom companies such as Rogers have been recognized as essential services during the pandemic.Article content continued However, the societal upheaval has caused revenues to slow in some parts of the Rogers empire. The company said revenue from its media division was down by 50 per cent, due to lower advertising revenue and the suspension of all live sports events.
Wireless revenue was also down significantly, as people are no longer travelling overseas and Rogers is collecting less money from roaming fees.The company said it would not be providing financial guidance for the rest of the year, because the COVID-19 pandemic has made the outlook too uncertain.
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