Shaw posts lower third-quarter profit, revenue amid COVID-related store closures
Posted July 10, 2020 5:03 pm.
Last Updated July 10, 2020 5:08 pm.
CALGARY — Shaw Communications Inc. says its third-quarter revenue and profit were down from the same time last year due to COVID-19’s impact on its internet, cable and wireless businesses.
The Calgary-based company says net income fell 18.9 per cent from the same time last year to $184 million or 35 cents per share.
Revenue for the three months ended May 31 was $1.31 billion, down 0.8 per cent from the third quarter of fiscal 2019.
During last year’s third quarter, which was a historically strong period for the company, Shaw earned $227 million or 43 cents per share and $1.322 million of revenue.
Shaw noted that 90 per cent of its retail locations were closed during the quarter due to the COVID-19 lockdowns, affecting its ability to add subscribers and sell equipment such as smartphones.
Its Freedom Mobile wireless business added about 2,200 postpaid customers but lost 7,700 pre-paid subscribers. Its wireline business lost 5,100 internet subscribers and 22,000 video customers.
This report by The Canadian Press was first published July 10, 2020.
Companies in this story: (TSX:SJR.B)
The Canadian Press
