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Rogers Communications’ Q2 Profit Plunged 73% To $109 Million

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.
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.