(Adds background, media revenue, profit)
Jan 28 (Reuters) - Canada’s Rogers Communications Inc on Thursday reported fourth-quarter revenue that fell short of Wall Street estimates, as the company’s media business took a hit due to advertising shortfalls and the postponement of live sporting events.
Revenue from the media segment, which includes television, radio broadcasting and digital media fell 23% to C$409 million ($318.31 million), as the NHL and NBA seasons due to begin during the quarter were postponed, Rogers said.
The telecom operator’s total revenue fell to C$3.68 billion, in the quarter ended Dec. 31, from C$3.95 billion a year ago. Analysts expected revenue of C$3.79 billion, according to IBES data from Refinitiv.
This comes as Rogers’ wireless services revenue, which benefits from international roaming charges, fell as fewer people traveled overseas.
The Toronto-based company also faces additional pressure to grow its subscriber base in the midst of stiff competition from other telecom players looking to bring in more customers on their new 5G networks.
During the quarter the company added 114,000 subscribers who pay a monthly bill, versus 138,000 in the third quarter, due to a dip in store visits from renewed pandemic restrictions.
Excluding items, the company earned 99 Canadian cents per share, compared with analysts’ estimates of 98 Canadian cents per share.
$1 = 1.2862 Canadian dollars Reporting by Eva Mathews in Bengaluru; Editing by Shailesh Kuber