Canada's second-largest phone company, Telus Corp., saw its profit drop and lowered its financial outlook for the year, although it expects a busy Christmas season. "We're expecting significant acceleration in our subscriber loading," said Telus chief financial officer Robert McFarlane in an interview one day after the company launched a new network, allowing it to offer the popular Apple iPhone. Telus lowered its forecast for the third quarter in a row when it reported its earnings for the period ended Sept. 30, partly because it expects to take a short-term hit on subsidies for those who sign up for a wireless plan. "The lift they'll get from adding these customers is attractive enough that they're prepared to play the subsidy game for now," analyst Greg MacDonald of National Bank Financial Inc. said in an interview, adding the company could reap the rewards by this time next year. Telus reported earnings of $280-million or 88 cents a share, compared with $286-million or 89 cents it reported a year ago. Revenue was $2.41-billion, down 2 per cent from the previous year. T (TSX) fell 37 cents to $33.61.