07:31 AM EST, 11/07/2024 (MT Newswires) -- Telco giant BCE (TSX and NYSE: BCE) was at last look up 0.9% in US premarket even as it rung up a third-quarter miss on earnings and revenues, and lowered its 2024 revenue guidance while keeping all other financial targets for the year unchanged.

The company posted a Q3 net loss of $1,191 million with a net loss attributable to common shareholders of $1,237 million, or $1.36. Capital IQ had forecast a consensus mean forecast of plus $0.68.

Adjusted net earnings of $688 million yielded adjusted EPS of $0.75, down 7.4% and missing a consensus mean forecast at Capital IQ of $0.88.

Operating revenues were $5,971 million versus $6,080 million a year earlier, and missing the Capital IQ forecast of $6,038.18 million.

Among other highlights, it recorded consolidated adjusted EBITDA growth of 2.1% in Q3 2024 versus Q3 2023 delivering 1.7 percentage point increase in adjusted EBITDA margin to 45.6% -- the highest quarterly margin in more than three decades. Free cash flow rose 10.3% to $832 million; cash flows from operating activities were down 6.1% to $1,842 million.

It also reported 158,412 total mobile phone and connected device net activations, including the highest quarterly prepaid net activations in five years of 69,085, up 187%. And it said 42,415 total retail Internet net subscriber activations contributed to 5% Internet revenue growth -- the best quarterly growth rate since Q2 2023.

Bell Media revenue was up 10.1% with 25.1% adjusted EBITDA growth; digital revenue was up 19% as digital platforms and advertising technology "continue to drive strong growth".

BCE updated 2024 revenue guidance to reflect lower than anticipated product revenue and sustained competitive wireless pricing pressures; all other financial guidance targets for 2024 remain unchanged.

Mirko Bibic, President and CEO of BCE and Bell Canada, in a statement said: "Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition."