Rogers Communications has reported impressive growth in its first-quarter wireless subscriber base, surpassing Wall Street’s expectations. The company’s net monthly bill-paying wireless phone subscribers reached 98,000 during the quarter ended March 31, exceeding analysts’ average estimate of 77,530. This surge in demand is attributed to the rapid growth of Canada’s immigrant population, which has led to an increased need for wireless services.
The rise in population, driven by temporary foreign workers and immigrants, has fueled demand for companies like Rogers Communications. Canada’s population hit a record high of 40.77 million in 2023, according to Statistics Canada. This marks the highest growth rate since 1957, with the country adding 1.27 million people in 2023 alone, representing a 3.2% increase from the previous year.
In addition to the subscriber growth, Rogers also reported a strong financial performance in the reported quarter. The company’s free cash flow, closely watched by investors as an indicator of dividend payouts, experienced a 58% increase year-over-year to C$586 million ($428.27 million).
