Shaw Communications Inc. beat analyst estimates with a nearly 70 per cent increase in its first-quarter profit as growth at Freedom Mobile and its business services unit offset flat results at its core residential services.
The Calgary-based company earned $187 million or 36 cents per share in the quarter ended Nov. 30, up from $111 million or 22 cents per share a year earlier.
Its overall revenue was up 8.8 per cent year-over-year, rising to $1.36 billion from $1.25 billion a year ago.
Analysts on average had expected a profit of 34 cents per share and $1.32 billion in total revenue, according to Thomson Reuters Eikon.
66K new wireless subscribers
Shaw’s wireless division, which operates as Freedom Mobile, increased revenue by 60 per cent to $273 million with 66,000 net subscriber additions, while revenue business services division grew five per cent to $147 million.
Revenue from Shaw’s core residential services was flat at $936 million as it lost cable and satellite video subscribers and home phone customers, but gained internet subscribers.