08:06 AM EDT, 04/24/2024 (MT Newswires) -- Rogers Communications (RCI-B.TO) on Wednesday reported Q1 revenue rose 28% to $4.9 billion, driven by growth in cable and wireless with both segments boosted by new subscribers acquired through the Shaw transaction that was completed in April 2023. The Capital IQ forecast had been for total revenue of $4.92 billion.

The company, which confirmed its 2024 guidance, said it achieved $1 billion in annualized synergy savings arising out of the Shaw merger, a year ahead of schedule.

Total service revenue increased 31% in the three months ended March 31 to $4.36 billion, with the telco reporting 124,000 postpaid mobile phone and retail Internet net adds.

Net income was $256 million, or $0.46 per diluted share, compared with net income of $511 million or $1 per share, last year. On an adjusted basis, net income was $540 million, or $0.99 per share, The comparable figures for the prior year were $533 million, and $1.09 respectively.

The regular quarterly dividend of $0.50 per share was declared, payable on July 5.

Meanwhile, The Globe and Mail newspaper noted the company added 98,000 net monthly bill-paying wireless phone subscribers in the quarter ended March 31, compared with analysts' average expectation for net additions of 77,530, according to 10 analysts polled by Visible Alpha.