Rogers Communications swung to a loss in the second quarter after booking a large accounting charge tied to its deal to buy the remaining stake in Maple Leaf Sports & Entertainment.
The telecommunications company posted on Wednesday a net loss of 665 million Canadian dollars ($471.4 million), or C$1.37 a share, compared with a profit of C$148 million, or C$0.29 a share, in the comparable quarter a year ago.
The loss was largely due to a C$1.03 billion accounting adjustment to the value of the company's obligation to buy the final stake in Maple Leaf Sports & Entertainment.
On an adjusted basis, which strips out exceptional items such as the accounting adjustment and other one-off costs were C$1.15 a share. According to FactSet, analysts were expecting C$1.13 a share.
Total revenue rose 8% to C$5.62 billion, topping analysts' expectations of C$5.56 billion.
Rogers benefited from higher service revenue, which was up 8% to C$5.1 billion
In the quarter, the company added 40,000 mobile phone subscribers, including 22,000 postpaid. For retail internet, the company said 17,000 were onboarded to its network.
Earlier in July, Rogers said is buying out the final 25% portion of MLSE from Kilmer Sports--the company belonging to Canadian billionaire businessman Larry Tanenbaum--for C$4.35 billion, giving the telco total control of one of Canada's most lucrative sports businesses that includes Toronto Maple Leafs, Toronto Raptors, Toronto FC and the Toronto Argonauts.
The deal is expected to close in the fourth quarter.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
July 22, 2026 07:30 ET (11:30 GMT)
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