TELUS reported consolidated operating revenues and other income of $5.0 billion for Q2 2024, marking a 0.6% increase over the same period last year. This growth was driven by higher service revenue in the TELUS technology solutions (TTech) segment, while the TELUS digital experience segment (TELUS Digital) saw a decline. The TTech segment saw increases in mobile network, residential internet, and security services due to subscriber growth, though these were partially offset by declines in TV and fixed legacy voice services.
President and CEO Darren Entwistle highlighted the company’s robust network infrastructure and its role in driving customer growth. TELUS achieved total customer net additions of 332,000, up 13% year-over-year, with significant gains in mobile phones, connected devices, internet, TV, and security services. The TELUS Digital segment, despite facing macroeconomic challenges, continues to leverage AI solutions to support future growth. TELUS Health also showed solid performance, contributing to the company’s overall growth.
CFO Doug French emphasized TELUS’ strong financial position and strategic focus on efficiency and cost management. The company reported a 5.6% increase in consolidated EBITDA and expanded its margin to 36.1%. TELUS expects continued EBITDA growth and free cash flow expansion, supported by ongoing investments in network infrastructure.
Key Network Infrastructure Metrics:
• Total Telecom Subscriber Connections: 19.5 million, up 6.9% year-over-year
• Mobile Phone Subscribers: Over 9.9 million, up 4.5% year-over-year
• Connected Device Subscribers: Approximately 3.4 million, up 24% year-over-year
• Internet Subscribers: Approximately 2.7 million, up 5.3% year-over-year
• TV Subscribers: Over 1.3 million, with 25,000 net additions in Q2
• Security Subscribers: Approximately 1.1 million, up 8.2% year-over-year
• Residential Voice Subscribers: More than 1.0 million, down 2.9% year-over-year
• Mobile Phone Net Additions: 101,000 in Q2
• Connected Device Net Additions: 161,000 in Q2
• Internet Net Additions: 33,000 in Q2
• TV Net Additions: 25,000 in Q2
• Security Net Additions: 20,000 in Q2
• Residential Voice Net Losses: 8,000 in Q2
• Virtual Care Members: 6.3 million, up 19% year-over-year
• Healthcare Lives Covered: 75.1 million, up 10% year-over-year
• Digital Health Transactions: 163.3 million in Q2, up 6.8% year-over-year
