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Bell says more cost restructuring possible as Q2 net earnings fall almost 40% - BNN Bloomberg

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BCE Inc. says its net earnings tumbled almost 40 per cent in its most recent quarter as it began laying off 1,300 workers.

Following a quarter in which it began cutting 1,300 positions, shuttered six radio stations and closed two foreign news bureaus, BCE Inc. says more cost restructuring could be in store in response to declining ad revenue and regulatory hurdles.

President and CEO Mirko Bibic added that the company would continue monitoring regulatory and political developments that could impact Bell's bottom line. Analysts on average had expected an adjusted profit of 80 cents per share for the period ended June 30, according to estimates compiled by financial markets data firm Refinitiv.RBC analyst Drew McReynolds said second-quarter results for the company were slightly better than forecast.

"That is another area of improvement in cost trajectory," he said, adding he believed the"transformation" of Bell's media division to become more digitally focused would bring some advertising revenue back.

 

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