(Corrects to say net income rose, not fell, in paragraph 6)
April 21 (Reuters) - Rogers Communications Inc on Wednesday reported first-quarter revenue that trumped analysts’ estimates, as demand for its cable unit, which include internet and cloud-based services, helped boost the Canadian telecom operator’s sales.
The company’s total revenue rose to C$3.49 billion ($2.77 billion) in the quarter, compared with analysts’ average estimates of C$3.35 billion, according to IBES data from Refinitiv.
Rogers, which owns the Toronto Blue Jays baseball team, saw a recovery in its ad sales as live sports returned to television after months following the pandemic-induced lockdowns.
The company reported a 5% increase in its cable service revenue.
Revenue from the media segment, which includes television, radio broadcasting and digital media, rose 7% to C$440 million, due to a recovery in company’s ad business.
Net income rose to C$361 million, or 70 Canadian cents per share, from C$352 million, or 68 Canadian cents, a year earlier.
The results come as Rogers is looking to shake up the Canadian telecoms industry with a C$20 billion bid for Shaw Communications Inc.
$1 = 1.2596 Canadian dollars Reporting by Tiyashi Datta in Bengaluru; Editing by Sherry Jacob-Phillips