Rogers Communications Inc.chief executive Nadir Mohamed is resetting expectations for the country’s biggest wireless company, and its investors, warning Wednesday that growth will continue to “moderate” owing to persistent competition across the telecom and media giant’s businesses.
Some were already at the exits. Shares in Rogers swooned as soon as trading started as the market reacted to the company’s first-quarter results. Rogers reported late Tuesday its operating profit fell 16% from a year earlier while the company missed tempered expectations on earnings and revenue. By day’s end Wednesday, they had fallen 5.7% to $36.81.
At the annual meeting in Toronto, Mr. Mohamed spoke plainly: “As I look to the balance of the year, I expect this competitive intensity to continue,” said the executive, who succeeded the firm’s founder Ted Rogers after the latter’s passing in late 2008.
The market place Mr. Mohamed inherited has steadily become a more hostile place.