Telus added 404,000 net telecom customer additions in Q4, 2023, a 34 percent increase year-over-year, according to its recently released financial report.
“This enabled our strongest fourth quarter customer growth on record,” Darren Entwistle, Telus’ CEO, said in a press release.
The figure includes 126,000 mobile phone net additions, the strongest figures in a fourth quarter since 2011. These additions help Telus’ total mobile phone subscriber base to surpass 10 million.
The company made $1.7 billion in revenue from its mobile network, an increase of $64 million (or 4 percent) compared to Q4 2022. Telus credits this growth to its growing subscriber base and revenue from roaming.
On average, Telus made $58.50 per mobile phone user, a 0.3 percent decline year-over-year. Promotional activity during the quarter played a role. This factor also impacted the monthly churn rate, referring to customers leaving Telus, increasing it to 1.4 percent in Q4 2023, compared to 1.2 percent in Q4 2022.
On the internet side, Telus added 36,000 internet net additions, a 14 percent decrease year-over-year. While Telus notes a higher churn rate led to the decrease, it’s unclear where this figure stands. The company points out that pressure from competitors that impacted purchasing decisions for customers played a role.
The Vancouver-based provider reported $310 in net income, a 17 percent increase year-over-year.
More to come…
