VANCOUVER — Telus Corp. reports it had $379 million of net income in the fourth quarter, up three per cent from $368 million a year earlier, but its adjusted earnings were down and missed analyst estimates.
Profit attributable to Telus common shares amounted to $368 million or 61 cents per share, up from $357 million or 60 cents per share in the fourth quarter of 2018.
Revenue for the three months ended Dec. 31 grew 2.5 per cent to $3.86 billion, from $3.76 billion.
But adjusted net income fell 2.2 per cent to $400 million or 67 cents per share, from 69 cents per share a year earlier.
Analysts had estimated 68 cents per share of adjusted net income and $3.87 billion of revenue, according to financial markets data firm Refinitiv.
CanaccordGenuity says the 70,000 mobile phone subscriptions added by Telus during the quarter was in line with expectations but the rate of churn, resulting from losing subscribers, was higher due to a highly competitive market.
This report by The Canadian Press was first published Feb. 13
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The Canadian Press