Rogers profit drops 53% as COVID-19 pandemic hits revenue

Telecom giant says revenue fell 17 per cent to $3.16-billion in the latest quarter, falling short of analysts' forecasts

A man speaks on his cell phone in front of a Rogers Communications sign, in Toronto, on April 22, 2014.Rogers Communications Inc. saw its second-quarter profit fall by 53 per cent as the economic impact of the COVID-19 pandemic resulted in lower revenue and higher bad debt expenses.

On an adjusted basis, Rogers earned 60 cents per share, down from $1.16 a year ago and below the consensus analyst estimate of 73 cents per share from S&P Capital IQ.Its revenue for the quarter was $3.16-billion, down 17 per cent from a year ago when it had $3.78-billion in revenue. Analysts had been expecting second-quarter revenue of $3.18 billion.

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