It might be premature to break out the celebration glasses, but three of Europe's largest telcos (BT, France Telecom and Telefonica) reported that their second-quarter results rose above analyst expectations. A Bloomberg article suggested ongoing cost cutting measures helped these three telcos to weather the global economic storm during the quarter.
First up is BT. Although BT's net profit declined 44 percent during its fiscal first quarter, the U.K.-based incumbent operator reported that net revenue was $353 million. However, BT's group earnings were hurt by ongoing issues with its Global Services division. To keep the company on track, BT's CEO Ian Livingston said that it plans to reduce capex spending and continue making progress in rolling out high-speed broadband services over the next year.
Over at France Telecom, the service provider saw its shares rise 3.3 percent after its second-quarter earnings came in slightly ahead of financial analyst forecasts. While the French incumbent carrier reported that net profit declined 4.3 percent to $12.5 million, that beat analyst expectations of $12.3 million. Finally, Telefonica, while reporting that its revenue dropped 6.1 percent to $2.71 billion, the service provider's revenues were slightly ahead of analyst expectations of $2.6 billion.
For more
- Here's an article from Bloomberg
Related articles
BT freezes wages across the board
EU telecom reform progresses; France Telecom confirms outlook
Spain to place tax on service providers, TV stations