Shaw’s CEO Brad Shaw said in its earnings report, which was released Friday, that despite the COVID-19 pandemic, the company was able to sustain itself.
“As the economy begins to re-open, we are confident that our robust broadband and wireless infrastructure will continue to play a vital role and drive our economic recovery,” he said.
Shaw reported $184 million in net income, or 35 cents per share, down from the $227 million or the 43 cents per share it reported the same period a year ago.
The company added 2,236 new monthly paid subscribers in its wireless division, a drop from the 61,000 it added in the same period a year ago.
“As a result of temporary retail store closures combined with social distancing requirements related to COVID-19 that persisted throughout the quarter, wireless and wireline subscriber acquisition activity was muted,” the earnings indicated.
“The lower net additions reflects the closure of approximately 90 per cent of its corporate locations during the period and management’s focus on serving its existing base of customers.”
This result is in line with a Scotiabank report that said it did not “expect much subscriber growth due to retail shut down for most of the quarter.”
Shaw’s Average Billing Per User (ABPU) for the quarter was $44.27, a 5.7 per cent increase from the $41.89 it reported in the same period a year ago.
The carrier’s Average Revenue Per User (ARPU) for Q3 was $37.95, a 2.6 per cent year-over-year increase.
Postpaid wireless churn rate, the measure at which a carrier is able to retain subscribers, was reported at 0.96 per cent for the quarter. This is a decrease from the 1.18 per cent that was reported in the same period a year ago.