Rogers Communications Inc. says its quarterly dividend is going up five per cent and it's prepared to spend up to $500 million to buy back stock from the public market in the coming year.

The announcements came as the Toronto-based telecom and media company reported $357 million or 69 cents per share of adjusted earnings below analyst estimates of 75 cents per share.

The quarter's revenue also missed expectations falling one per cent from a year earlier to $3.24 billion and below estimates of $3.3 billion.

Rogers says its revenue and profit margin were affected by lower prices for wireless roaming and simplified wireless service plans as well as lower equipment sales.

The lower revenue at Rogers Wireless was partially offset by improvements at its cable, business solutions and media divisions.

The company's net income before adjustments fell to $320 million or 62 cents per share from $522 million or $1.01 per shares in the fourth quarter of 2012.

The increased dividend will rise to 45.75 cents per share per quarter, or $1.83 per share on an annualized basis — up from the previous rate of $1.74 per year.

The share buyback will give Rogers the opportunity, but not the obligation, to repurchase and cancel shares.