Wehave BCE results comments posted in the Q&A. Telus EPS slightly beat estimates. Telus posted solid 4Q results, though its 2024 revenue outlook fell short of estimates on pressure in wireless and weakness at Telus International. TTech sales growth guidance of 3% at the midpoint is slightly below consensus' 3.8%, while the consolidated revenue view is in a similar range and also below estimates for 4.6%. In wireless, roaming fees are slowing amid tough comparisons, with competition pressuring average revenue per user (ARPU). Net adds were solid, but ARPU fell 0.3%, a trend that may continue through the year. TIXT (Telus International) growth is down amid a sluggish economy, with 4Q’s 6.8% gain in external revenue behind last year's 8.8%. TIXT is rightsizing costs to align with a lower demand outlook, with the company targeting 2024 revenue growth of 4% at the midpoint in 2024 vs. 9.7% in 2023. Of the two, BCE still looks a bit better overall, with better business diversity and cost cuts.
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