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(Bloomberg) — BCE Inc. beat analyst expectations in the first quarter as its investments in artificial intelligence infrastructure pay off.
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Canada’s biggest telecommunications firm by revenue earned 63 Canadian cents per share on an adjusted basis, more than the 58 cents expected by analysts in a Bloomberg survey, according to a Thursday statement. Net earnings fell to C$667 million ($489 million) from C$683 million a year before. Revenue was C$6.2 billion, 4% higher than last year and more than estimates.
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“We’ve been making progress on our capital allocation and capital investment plans to simplify the business, strengthen the balance sheet and focus capital on higher-return opportunities,” Chief Executive Officer Mirko Bibic said in the statement.
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The firm disclosed revenue from its business markets division for the first time, which grew 9.7%, primarily driven by triple-digit gains in its AI businesses. BCE’s Bell AI Fabric network aims to provide computing power of 800 megawatts over time, and the company partnered with AI firms CoreWeave Inc. and Cerebras Systems Inc. in March to back a data center in Saskatchewan. It expects to complete the first phase in 2027.
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At the time, the company said revenue from “AI-powered solutions” is expected to rise by C$500 million, to C$2 billion, by 2028.
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Crave, BCE’s streaming service, grew subscriptions by 25% and had its most-watched quarter, surpassing last period’s record.
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Its mobile business gained 16,947 net postpaid subscribers over the quarter, more than analysts expected and better than the 9,598 loss a year earlier.
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BCE’s media division owns BNN Bloomberg Television, which has a content partnership with Bloomberg LP.
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