BlackBerry & iPhone: Rogers best friend?
Canadian cable giant Rogers Communications has the Apple iPhone 3G and Research in Motion’s BlackBerry to thank for it’s third-quarter profits as they soared whilst to other stocks took a battering amid the financial crisis.
With the BlackBerry and the iPhone both with the available with Rogers, the cable giant reported an earnings jump of 84 percent to CAN$495 million which is US$383 million for the three months ending September 30 compared to the Rogers previous year’s profit of CAN$269 million.
Toronto-based Roger’s revenue gained 14 percent to CAN$2.98 billion which is US$2.3 billion against 2007 revenue for the same period at CAN$2.61 billion.
Rogers activated 255,000 iPhones nationwide since July with this number continuing to grow. Overall Roger’s wireless revenue surged a whopping 20 percent to CANS$1.72 billion which is US$1.33 billion compared to the wireless revenue in 2007 which was at $1.44 billion.
Executives at Rogers have said that they were well-positioned to pull through hard times when talking about the economic downturn, adding that they are in a wait and see mode about the economy. Rogers CEO Ted Rogers has said that his balance sheet is rock solid.