Topic: How To Invest

The Successful Investor Hotline – Friday, February 9, 2024

Article Excerpt

BCE INC., $50.52, Toronto symbol BCE, is your #1 Income Buy for 2024. The company is Canada’s largest traditional telephone service provider. It has 2.02 million residential customers in Ontario, Quebec, Manitoba and the Atlantic provinces. It also has 4.47 million high-speed Internet users and 2.73 million TV subscribers (satellite and fibre-optic). In addition, the company sells wireless services to 13.0 million users across Canada. Due to slowing revenues at its landline and media operations, BCE now plans to cut 9% of its workforce. It’s also selling 45 of its 103 radio stations. These moves should cut its costs by $150 million to $200 million in 2024. Those annual savings should rise to $250 million, starting in 2025. Meantime, the company continues to benefit from strong demand for mobile phone service due to the launch of new smartphones and the expansion of its ultrafast 5G wireless networks. In the quarter ended December 31, 2023, BCE added 128,715 new wireless subscribers (net of cancellations) under long-term…