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TELUS (TU) Invests C$60M in British Columbia's Maple Ridge

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Canada-based communications technology company TELUS Corp. (TU - Free Report) is investing C$60 million to connect homes and businesses in Maple Ridge to its fiber-optic network. The investment is part of TELUS’ commitment to invest C$13 billion in infrastructure and operations across British Columbia through 2024.

The work on the PureFibre network in Maple Ridge is already underway. TELUS expects the majority of homes and businesses to be connected by the end of 2023. The company is committed to bringing world-class connectivity to communities across the province, providing them with digital solutions as they navigate the pandemic.

TELUS’ PureFibre network will connect residents and businesses directly to gigabit Internet speeds while expanding cellular coverage throughout the region. Since 2013, TELUS has invested more than C$5 billion to connect 137 communities and 62 First Nations across British Columbia, Alberta, and parts of Quebec to its PureFibre network.

TELUS’ shares have gained 26.1% in the past year compared with the industry’s growth of 17.7%.

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TELUS PureFibre offers an unmatched wireline infrastructure that ensures that all citizens have access to the digital tools to drive social and economic outcomes. It enables small and medium-sized business owners and workers to benefit from the same Internet speeds, reliability, and security that large enterprises enjoy.

TELUS intends to connect the people of Maple Ridge to its PureFibre and support the community as it attracts new industries, creating the jobs of tomorrow. Since 2000, TELUS has invested almost C$240 billion in network infrastructure, operations, and spectrum across Canada, with more than C$53 billion in British Columbia.

The company is expanding its 5G network to more than 615 communities across the country, including 187 in British Columbia by the end of this year. It continues to benefit from strong customer additions, thanks to the adoption of its superior connected experiences, innovative product set, and premium bundled offerings. The accelerated broadband expansion program is likely to further extend its PureFibre and 5G coverage.

At the same time, the company is committed to building a better future for the next generation through investments in innovative technologies and sustainable business practices. It has issued a Sustainability-Linked Bond Framework that aligns its financing strategy with its goal of achieving net carbon neutrality across its operations by 2030.

The stock currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader sector are Qualcomm, Inc. (QCOM - Free Report) , Juniper Networks, Inc. (JNPR - Free Report) , and InterDigital, Inc. (IDCC - Free Report) . While Qualcomm sports a Zacks Rank #1 (Strong Buy), Juniper and InterDigital carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Qualcomm delivered a trailing four-quarter earnings surprise of 13.5%, on average.

Juniper pulled off a trailing four-quarter earnings surprise of 7.5%, on average.

InterDigital delivered a trailing four-quarter earnings surprise of 536%, on average.