TELUS Corporation today released its unaudited results for the third quarter of 2024. Consolidated operating revenues and other income increased by 1.8 per cent over the same period a year ago to $5.1 billion. This growth was driven by higher service revenue and other income from copper and real estate monetization in our TELUS technology solutions (TTech) segment, alongside higher other offset by lower service revenue in our TELUS digital experience segment (TELUS Digital).
Within TTech, higher revenue from the expansion of mobile network, residential internet, TV and security subscribers, health services, agriculture and consumer goods services, along with increases in managed, unmanaged and other fixed data services; partially offset by rate reductions in mobile network, residential internet, and security services, as well as declines in TV and fixed legacy voice services revenues. The decline in TELUS Digital operating revenues were from lower external revenues reflecting: (i) lower revenues from leading social media client and other technology clients; (ii) a reduction in revenue in other industry verticals, notably among communications (excluding the TTech segment) and eCommerce clients; and (iii) a persistently challenging macroeconomic environment and competitive conditions in the industry. See Third Quarter 2024 Operating Highlights within this news release for a discussion on TTech and TELUS Digital results.
"In the third quarter, our team's dedication to operational excellence led to industry-leading customer growth and robust financial results, harnessing our premier asset portfolio and focused commitment to cost efficiency and effectiveness," said Darren Entwistle, President and CEO. "Our results demonstrate our ability to deliver sustainable profitable growth, anchored by our strategic emphasis on margin-accretive customer expansion, globally leading broadband networks, and a customer-centric culture. This enabled industry-best total customer net additions of 347,000, including robust mobile phone customer additions of 130,000, strong gains in connected devices with 159,000 net additions, and total fixed net additions of 58,000. Our team's passion for delivering customer service excellence contributed once again to leading loyalty across our key product lines. Notably, postpaid mobile phone churn was 0.90 per cent, while churn for TELUS-branded mobility and home households nationally was below one per cent, underscoring the consistent strength of our unmatched bundled product offerings across Mobile and Home, over our industry-leading PureFibre and wireless broadband networks."
"Within TELUS Health, our team achieved revenue growth of four per cent as strategic investments in our products, sales, and distribution channels generate strong momentum across our health portfolio. Our team also achieved 50 per cent Adjusted EBITDA contribution growth, supported by higher revenue and the realization of $331 million in combined annualized synergies since acquiring LifeWorks in 2022. This includes $277 million in cost synergies and $54 million in cross-selling, as we work towards our overall objective of $427 million by the end of 2025. Additionally, we drove a 9.2 per cent year-over-year increase in global lives covered to 76 million. Similarly, within TELUS Agriculture & Consumer Goods, we continue to see positive outcomes, strengthening our market position and delivering a more than 20 per cent increase in revenue alongside strong profitability growth and margin contribution. Our commitment to maximizing the full potential of these distinctive global businesses is underscored by leveraging the expertise, experience, and high-performance culture of our team. This also includes capitalizing on significant cross-selling opportunities across all our businesses, demonstrating the collective talent and effectiveness of our team in driving our success."
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