The Vancouver-based company welcomed its highest number of new customers in more than a decade. Wireless services saw a net addition of 150,000 subscribers, up 11% from the same quarter last year, while fixed-line subscribers also grew with 73,000 net additions.

“We have really focused on bundling our products with our other high value-added services. And we’ve seen a significant amount of immigration to Canada. So a lot of[our newcomers]went down that path,” said Doug French, Telus’ chief financial officer, in an interview.

He didn’t say whether Rogers Communications’ outage in July contributed to that customer growth.

Meanwhile, Telus posted a net gain of 36,000 Internet subscribers, down 10,000 from earnings in the same period last year.

The company attributed the decline to “slightly higher churn,” noting that inflationary pressures caused consumers to reconsider some purchasing decisions. The company saw 18,000 additions to its TV services, up 8,000 from the previous year.

Telus Health Services revenue rose $95 million, or 73%, in the third quarter, fueled by its January 1 acquisition of LifeWorks — formerly known as Morneau Shepell^ah September and the continued rollout of virtual care.

“The integration (of LifeWorks) is going very well. We have completed the transaction approximately two months ahead of schedule by obtaining early regulatory approval,” stated Mr. French.

French said the company was confident in its diversified portfolio amid looming recessionary risks and persistent inflationary pressures.

“We have built relevant and important assets not only for Canadians but for many of our clients around the world. And if you look at healthcare, at agriculture, at connectivity, and you look at the fact that we’re deploying our full spectrum in rural Canada, where connectivity is needed most, these services are constantly needed, even in times of recession,” he argued.

However, the company’s digital customer experience solutions group, Telus International, warned of fourth-quarter revenue pullbacks due to “weaker-than-expected customer demand and longer sales cycles,” reflecting the impact of ongoing macroeconomic uncertainties.

Profit and sales increase

Telus earnings per share for the quarter ended September 30 were 37 cents, compared to 25 cents a year ago.

Operating and other income totaled $4.67 billion for revenue compared to $4.25 billion in the third quarter of 2021.

On an adjusted basis, Telus earned 34 cents per share last quarter, compared to 29 cents per share a year ago.

According to forecasts by the financial data company Refinitiv, analysts had expected adjusted earnings of 32 cents per share on average.

Telus said it will now pay a dividend of 35.11 cents per share, up from the 32.74 cents per share that had prevailed until then.

Jérôme Dubreuil, an analyst at Desjardins, said in a note to clients that the recent acquisitions of LifeWorks and US technology company WillowTree do not appear to prevent Telus from returning capital to shareholders. He sees the increase in the company’s dividend as “positive”.

“Our outstanding results are a testament to the power of our globally recognized broadband networks and customer-centric culture, which has helped us add a total of 347,000 new customers, a record quarterly number and an increase of more than 8% year-on-year,” said Telus CEO Darren Entwistle in a statement.