TELUS reports strong customer growth, targets cost cuts
VANCOUVER, CANADA — Global IT firm TELUS reported a significant customer increase of 293,000 in the second quarter of 2023, 46,000 more than the prior year (19% increase).
The firm’s mobile segment stood out, with 110,000 net additions – a peak not seen since 2010. Furthermore, 59,000 new customers joined their fixed services, buoyed by the PureFibre network.
Financially, the quarter saw a 13% rise in operating revenue and a 5% bump in adjusted EBITDA. However, increased operational costs led to a 61% drop in net income. On the bright side, dividends rose 7.4%, promising better returns for investors.
TELUS Executive VP and CFO Doug French acknowledged the market competition and global economic strains.
Despite the competition, he highlighted the company’s adaptability and unwavering growth commitment, underscored by TELUS International’s updated yearly forecast.
The company is implementing a comprehensive cost-saving strategy, which involves cutting 6,000 global positions, aiming for annual savings of over $325 million.
With ongoing investments in PureFibre and 5G expansion, French reassured stakeholders of TELUS’s strong financial standing, hinting at promising growth trajectories for the coming months.
