Shaw Communications Inc. says first quarter earnings came in at $162 million. (Photo by THE CANADIAN PRESS)

Shaw says wireless revenue up in Q1 but phone and video revenues down

CALGARY — Shaw Communications Inc. says earnings dipped in its first fiscal quarter of 2020 even as wireless revenue climbed.

The Calgary-based telecom company says net income came in at $162 million or 31 cents per share for the quarter ending Nov. 30, down from $186 million or 36 cents per share for the same quarter last year.

Shaw says the comparative decline for the first quarter was largely because of a $23 million equity income in the quarter last year from its investment in Corus Entertainment Inc.

Revenue in the quarter was $1.38 billion, up from $1.35 billion last year as wireless service revenue was up 18.1 per cent, including net postpaid additions of about 67,000 in the quarter.

Analysts had expected earnings of 33 cents per share, while revenue was in line with expectations, according to financial markets data firm Refinitiv.

Shaw says it had a net addition of 5,600 in its non-wireless consumer segment as it launched more internet options, but overall revenue was down in the segment as it saw declines in video, satellite and phone subscriber revenue.

This report by The Canadian Press was first published Jan. 13, 2020.

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