MONTREAL – BCE Inc. says its net earnings tumbled almost 40 per cent in its most recent quarter as it began laying off 1,300 workers.
The Montreal-based telecommunications company’s net earnings for the second quarter amounted to $397 million or 37 cents per common share compared with $654 million or 66 cents per common share a year ago.
Analysts on average had expected an adjusted profit of 77 cents per share for the period ended June 30, according to estimates compiled by financial markets data firm Refinitiv.
Adjusted net earnings totalled $722 million compared with $791 million a year prior.
Operating revenue ticked up to $6.06 billion from $5.86 billion a year earlier.
Bell attributed its increased costs to severance expenses, a higher interest rate environment and an obligation it had to repurchase at fair value the minority interest in one of its joint venture equity investments.
This report by The Canadian Press was first published Aug. 3, 2023.
Companies in this story: (TSX:BCE)
