TELUS' Q3 2024: A Quarter of Growth and Transformation

TELUS Corporation recently released its unaudited results for the third quarter of 2024, showcasing a strong performance driven by robust customer growth and strategic initiatives. The company's core telecom business contributed significantly to its operational and financial growth, with a 7.2% increase in consolidated operating revenues and a 5.5% rise in adjusted EBITDA. This growth was fueled by strong customer demand for bundled services across mobility and fixed services, leading to total customer net additions of 406,000, a 17% year-over-year increase.

TELUS achieved its best third quarter on record for mobile phone net additions (160,000) and connected device net additions (179,000), while robust fixed customer net additions (67,000) were powered by leading customer loyalty in combination with TELUS' PureFibre network. This network, with its high-speed fiber optic connections, has enabled TELUS to offer superior internet services, driving customer satisfaction and loyalty.

TELUS Digital's rebranding and strategic initiatives played a pivotal role in the company's Q3 2024 performance. The rebranding from TELUS International to TELUS Digital marked a significant step in the company's evolution, reflecting its commitment to crafting lasting customer experiences through data, technology, and a human-centric approach. This rebranding, along with the company's focus on four key pillars—rejuvenating revenue growth, differentiated service quality, investing in talent, and embedding AI capabilities—contributed to a solid financial performance in Q3 2024.

TELUS' AI Data Solutions and AI-related services also played a significant role in its operational and financial growth in Q3 2024. The company's AI Data Solutions team won mandates with two clients in Japan, developing driver-assistance features for future car models. Additionally, TELUS secured a project with a Santa Clara-based chip maker, involving the development of a multimodal generative AI model. These AI-related opportunities drove continued sales momentum, contributing to TELUS' robust sales funnel.

TELUS' customer loyalty strategy has been a key driver of its financial performance, particularly in its mobile and fixed product lines. The company's leading customer growth is reflective of its consistent, industry-best client loyalty across these lines. In the third quarter of 2024, TELUS reported strong mobile phone net additions of 160,000, its best third quarter on record, and all-time record third quarter connected device net additions of 179,000. Additionally, the company saw robust third quarter total fixed net additions of 67,000, including 37,000 internet customer additions, powered by leading customer loyalty in combination with TELUS' PureFibre network. This strategy has helped TELUS maintain postpaid mobile phone churn below 1% for the past decade, reflecting its consistent, industry-best client loyalty across its mobile and fixed product lines.

In conclusion, TELUS' Q3 2024 results demonstrate the company's strong operational and financial performance, driven by its core telecom business, strategic initiatives, and AI-related services. The company's commitment to customer loyalty, innovation, and transformation has positioned it as a leader in the Canadian telecommunications market. As TELUS continues to invest in its PureFibre network and AI capabilities, it is well-positioned to capitalize on growth opportunities and solidify its market position.