As Québecor continues with plans to expand its presence across Canada, current financial results show it’s losing money.
The company’s Q2 2022 results show it pulled in $1.12 billion in revenue, down $16 million (1.4 percent) from Q2 2021. Part of the decrease came from telecommunication services, where revenue shrank by 1.7 percent ($15.8 million).
Québecor also reported a decrease in revenue from media services. Profits in sports and entertainment offset the losses.
On the other hand, its subsidiary Vidéotron saw its revenue increase by 11.4 percent through mobile services and equipment.
Overall, Québecor added 34,600 connections to its mobile service this quarter, increasing this figure by 27 percent compared to the second quarter of 2021.
“In what remains a highly competitive environment, Québecor maintained its operational rigour and financial discipline in the second quarter of 2022,” Pierre Karl Péladeau, Québecor’s president and CEO, said.
The company recently acquired VMedia in a bid to expand its presence. The company will continue functioning as a whole under Québecor’s banner.
“VMedia is now one of the key partners that will help accelerate Québecor’s plan to increase competition in Canada and offer better multi-service offers, giving Canadian consumers more choices at a better price,” a Québecor spokesperson told Cartt.ca about the merger.
The company is also acquiring Freedom Mobile for $2.85 billion, which will go through if Rogers’ takeover of Shaw is approved. The Commissioner of Competition blocked the merger in May, and the matter will appear before the Competition Tribunal soon.
Image credit: Shutterstock
Source: Québecor
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