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TELUS (TU) Inks Deal With AWS to Develop Smart Living Solution

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TELUS Corporation (TU - Free Report) has announced a new partnership with Amazon Web Services (AWS) to develop a smart living solution that leverages cloud technologies, the Internet of things, machine learning (ML) and artificial intelligence (AI). The solution aims to simplify the installation and management of connected home devices, making it easier for consumers to automate home management tasks.

TELUS’ solution is device-agnostic, enabling consumers to use a single TELUS smartphone app to control all connected devices, added the company. The solution will have a zero-touch device onboarding process, enabling consumers to seamlessly integrate new devices into their smart home ecosystem.

The proliferation of separate apps, logins and disjointed functionality has hindered the promise of the truly smart home, noted the company. By leveraging AWS cloud services, TELUS aims to create a frictionless connected home experience that simplifies and enhances consumers' lives. The solution will use AI and ML to create cross-platform automation routines which enable consumers to manage both new and existing devices from a single interface.

TELUS plans to launch the service initially for Canadian consumers in the coming months and roll it out globally through strategic partnerships with other communication service providers.

Per a report from Grand View Research, the global smart home market size was estimated at $62.69 billion in 2021 and is expected to witness a CAGR of 27.04% from 2022 to 2030. The industry is likely to benefit from the ongoing digitalization and growing demand for smartphones. Also, the rising demand for digital assistants through AI in smart home appliances is a major tailwind, added the report.

Based in Vancouver, Canada, TELUS is a leading telecom service provider in the country. The company offers wireless, wireline and Internet communications services for voice and data to businesses and consumers.

The company reported adjusted earnings of C$0.23 per share (17 cents per share) in fourth-quarter 2022 compared with C$0.23 per share in the prior-year quarter. The bottom line missed the Zacks Consensus Estimate of 21 cents.

Quarterly total operating revenues increased 3.8% year over year to C$5,058 million ($3,725.8 million) owing to high service revenue in TELUS technology solutions and TELUS International. The top line beat the consensus estimate of $3,682.9 million.  

TELUS presently carries a Zacks Rank #3 (Hold). The stock has lost 21% compared with the sub-industry’s decline of 16.6% in the past year.

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