Rogers Communications' stock soared 5.65% during intraday trading on Wednesday, following the release of its first-quarter financial results.

The Canadian telecom company reported adjusted earnings of $0.74 per share, beating analyst estimates of $0.69. Quarterly sales of $3.997 billion also surpassed expectations of $3.940 billion. The strong performance was driven by a 10% increase in service revenue and significant growth in media revenue.

Investors responded positively to the company's improved full-year guidance, which includes lower capital expenditures and higher free cash flow projections. The company also maintained its quarterly dividend of 50 cents per share, with analysts noting the guidance revision as a welcome surprise that could drive the stock higher.