April 24 (Reuters) - Swedish telecom operator Telia reported first-quarter core earnings above market expectations on Friday, driven by service revenue growth across most markets and lower operational
Telia Surpasses Q1 Profit Estimates Driven by Service Revenue Growth
Telia's Q1 2024 Financial Performance Overview
Core Earnings Exceed Expectations
April 24 (Reuters) - Swedish telecom operator Telia reported first-quarter core earnings above market expectations on Friday, driven by service revenue growth across most markets and lower operational expenses.
Adjusted Operating Profit Details
• Telia's first-quarter adjusted operating profit before interest, taxes, depreciation, and amortization (EBITDA) increased 4.0%, on a like-for-like basis, to 7.94 billion Swedish crowns ($856.78 million).
• Analysts had expected an average profit of 7.84 billion crowns in a company-compiled poll.
Key Drivers of Growth
Strong Demand and Technological Advancements
• "Demand for Telia's services is strong across our markets, with transformational technologies, such as AI, dependent on secure, reliable, and high-quality connectivity," CEO Patrik Hofbauer said in a statement.
Service Revenue and Market Performance
• Quarterly service revenue increased 2.1%, like-for-like, driven by continued strong development in Sweden and Lithuania.
Stock Market Reaction
• Telia shares are up about 3% in early Stockholm trading.
Additional Information
Currency Exchange Rate
($1 = 9.2673 Swedish crowns)
Reporting Credits
(Reporting by Elviira Luoma, editing by Rashmi Aich and Jonathan Ananda)
