Quebec-based telecoms giant Quebecor posted a “solid” increase in revenue in the first quarter of 2023.
For the quarter ended March 31, 2023, Quebecor reported revenue of $1.12 billion, an increase of $27.6 million (2.5%) compared to the first quarter of 2022.
This revenue increase is primarily due to increases in the Telecoms ($21.6 million, or 2.4% of industry revenue) and Sports & Entertainment ($14.4 million, or 42.2%) sectors. These figures made it possible to offset the slight decrease in the media sector ($11 million or -6.1%).
In its financial results released Thursday morning, the company also said its adjusted operating income also increased to $442.8 million.
“Quebecor had a solid performance in the first quarter of 2023, reflected in adjusted operating cash flow of $346 million, an increase of 9.5% compared to the same period in 2022,” commented Pierre Karl Péladeau, President and CEO of Quebecor Press Release.
Acquisition of Freedom Mobile
Freedom Mobile’s April 3 acquisition for nearly $3 billion should help expand its telecommunications services in Ontario and western Canada.
“With an extensive network in Quebec, Ontario, Alberta and British Columbia, Freedom and Videotron together have more than 3.5 million cellular subscriptions and employ nearly 7,500 people. “This expansion of Videotron in Canada will transform the Canadian wireless market,” said Pierre Karl Péladeau.
The Quebecor boss now wants to focus “on improving”. [les] Expand infrastructure and increase the number of customers […]while demonstrating rigor and efficiency in the management of our capital.”
Despite the financial difficulties announced by TVA Group on Tuesday, Pierre Karl Péladeau emphasizes that “Quebecor has started 2023 powerfully with excellent financial results”.
“We must continue to fight with unequal weapons against the giants of the internet and Société Radio-Canada, which is largely subsidized by the state. However, our strategy to improve our investments in content has allowed us to continue growing our market share on both TVA Network and our specialty channels, which reached 40.9 shares at the end of Q1 2023. »