Rogers Communications (RCI.B) has reported that its second-quarter profit fell 73% to $109 million due to its acquisition of rival telecommunications firm Shaw Communications.
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Toronto-based Rogers announced a profit, or net income, of $409 million in the same period of 2022.
For the quarter ended June 30 of this year, Rogers Communications reported earnings per share (EPS) of $0.20, which was down from $0.76 a year earlier.
Despite the profit plunge, Rogers did announce Q2 revenue of $5 billion, which was up 28% from $3.9 billion a year ago.
Rogers blamed the poor earnings on its $26 billion purchase of Shaw, which closed in April of this year following regulatory approval by the federal government in Ottawa.
Rogers’ stock has declined 8% this year to trade at $59.15 per share.
