By Adriano Marchese

Shares of Canadian telecommunications major Telus were higher Friday morning after the company reported higher fourth-quarter profit and revenue as it surpassed the 10 million mobile phone subscriber mark.

Shares were trading nearly 3% higher in the morning at 23.64 Canadian dollars ($17.56).

Telus saw a 13% increase in net additions to its mobile phone service in the quarter at 126,000. The company credits the increase to continued market-driven promotional activity, increased retail and digital traffic, as well as population growth driven by high levels of immigration to Canada.

In total, over the last 12 months, growth has amounted to a 4.1% increase in its mobile phones subscriber base to 10.1 million.

This supported 17% growth in net income in the period. The company reported net income of C$310 million, or C$0.20 a share, up from C$265 million, or C$0.17 a share, in the prior-year period.

Revenue growth was shy of expectations, rising to C$5.2 billion from C$5.06 billion, while analysts were expecting a greater rise to C$5.24 billion, according to FactSet.

Write to Adriano Marchese at

(END) Dow Jones Newswires

02-09-24 1033ET