Shaw sees revenue, income decline in first quarter of fiscal 2023

CALGARY — Shaw Communications Inc. says revenue for its first quarter ended Nov. 30, 2022 saw revenue decrease by 1.2 per cent year over year.

The Calgary-based company says net income for the quarter was down 14.3 per cent, with earnings per share at 34 cents, down from 39 cents a year earlier.

Shaw added approximately 13,800 new wireless customers, driving wireless service revenue up by 5.4 per cent to $252 million. Wireline revenue was down 2.7 per cent to $1.03 billion.

The company says it received an extension from the Toronto Stock Exchange to hold its annual general meeting as late as April 11 as it waits for news on whether its takeover by Rogers Communications Inc. will go through.

The Competition Tribunal gave the deal a go-ahead but that decision is now being appealed by the Competition Bureau.

The proposed takeover would see Shaw sell Freedom Mobile to Quebecor Inc. in a bid to maintain competition in the wireless market.

This report by The Canadian Press was first published Jan. 12, 2023.

Companies in this story: (TSX:SJR.B)

The Canadian Press