After raising its prices multiple times in 2024, Bell is once again telling some home internet subscribers that its plans will increase by another $4, and TV users will pay $2.50 more. Luckily, mobility subscribers seemed to have escaped this price hike, but knowing Bell, I expect it to come later in 2025.
However, in the notice posted by a Bell subscriber on Reddit, the company says that this price increase is only for some subscriptions, not all Bell customers. Notably, no one at MobileSyrup has been impacted so far.
As usual, the company says the price increases are to invest in its network infrastructure. But when you look at Bell’s financials and the number of people it’s had to lay off over the last year, it paints a slightly different picture.
The telecom giant laid off 4,800 people in February and sold off 45 of its radio stations. The company then rebranded The Source retail locations to Best Buy Express and shuttered the Source headquarters, resulting in more layoffs. Then, in September, there were hundreds of layoffs at the Bell subsidiary Expertech. And just under a month ago, there were more layoffs, with Bell calling them a “continuation” of the restructuring it announced earlier this year.
The financials also show negative growth, but the company is still turning a profit. In 2023, Bell raked in $2.3 billion in profit, according to a report on CTV News. Looking at its 2024 Q3 quarterly earnings, it does appear that the company is still up with an adjusted EBITA of $2,722 million, even though its net earnings decreased by $1,898 million.
In the earnings report, Bell says it was able to keep its EBITA high due to the layoffs alongside a few other strategy shifts within the company.
Source: Local_Ad_6400 (Reddit user), CTV News, Bell
Update Dec 3, 2024, 5:08PM: This article has been updated to clarify that Bell didn’t sell the Source to Best Buy and is instead operating the Best Buy Express stores in a partnership. Bell is still the exclusive telecommunications services provider and is responsible for store operations. Best Buy is responsible for the consumer electronics assortment, Geek Squad services, supply chain, marketing and e-commerce.
MobileSyrup may earn a commission from purchases made via our links, which helps fund the journalism we provide free on our website. These links do not influence our editorial content. Support us here.
