TELUS Corporation (TSX:T) announced on Friday that its second-quarter 2023 consolidated operating revenue rose 13% year over year to $4.9 billion, driven primarily by higher service revenues in its TELUS technology solutions and TELUS International segments, but falling short of the Zachs consensus estimate.
The communications technology company, though, saw its earnings per share (EPS) for the period drop 59% to $0.14, on higher depreciation and amortization, interest, and restructuring costs, which also missed the consensus forecast of $0.18.
“Our robust performance in our core telecom business is underpinned by our globally leading broadband networks and customer-centric culture, which enabled our strongest second quarter on record, with total customer net additions of 293,000, up 19% year-over-year, driven by strong demand for our leading portfolio across Mobility and Fixed services," TELUS CEO Darren Entwistle said in a statement.
Looking ahead, the company reduced its full-year guidance and is now targeting consolidated operating revenue and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) growth for 2023 of 9.5% to 11.5% and 7% to 8%, respectively.
As well, TELUS reported that it is cutting 6,000 jobs, including 4,000 workers at its main TELUS business and another 2,000 at TELUS International.
Shares of TELUS have fallen more than 12% year to date to its current price of C$23.06.
Contact Sean at sean@proactiveinvestors.com