Telus (NYSE:TU) reported disappointing subscriber metrics for 1Q this morning. Net adds of 48,000 fell short of estimates of 75,000 to 100,000. Even worse, ARPU declines accelerated falling to $58.39, down 5.6% vs. a year ago. Nott surprisingly, the shares are taking a hard hit, down more than 10%. The news is dragging all Canadian telecom lower including BCE and Rogers Communications (NYSE:RCI). The big risk ahead is for RCI's 1Q. RCI gets over half of revenue and EBITDA from wireless. RCI is particularly strong in smartphones whereas TU has a low end bias so it is possible that RCI holds up if Canada ends up looking like the U.S. where smartphones remain healthy. RCI still has a premium multiple despite the shares finally succumbing. I'd be careful on the long side ahead of earnings.