BCE Inc.'s stock plummeted 5.02% in intraday trading on Friday, underperforming the broader market. The Canadian telecom giant's shares tumbled after the company reported weaker-than-expected fourth-quarter earnings and unveiled plans for asset divestitures to reduce debt levels.
The company reported adjusted earnings per share of C$0.79 (56 cents), surpassing estimates of C$0.50. However, total operating revenues dipped 0.8% year-over-year to C$6.42 billion, missing expectations of $4.59 billion. The revenue decline was attributed to lower service revenues, pricing pressures, and declines in legacy services.
In response to the disappointing revenue performance, BCE Inc. announced plans to divest up to C$7 billion in assets during 2024 and 2025. The company has already agreed to sell its stake in Maple Leaf Sports & Entertainment for C$4.7 billion and its Northwestel subsidiary for up to C$1 billion. Other potential divestitures include BCE's 20% stake in the Montreal Canadiens NHL team, its smart home business, and its two-way mobile radio operations.
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