Telecom Italia: stock jumps after solid results
(CercleFinance.com) - Telecom Italia shares are up over 7% on Wednesday morning in Milan, with the Italian telecom operator having reported stronger-than-expected results.
Although Ebitda fell by 1.5% in organic terms in the fourth quarter to 1.8 billion euros, performance beat the consensus provided by the group, which was looking for 1.7 billion euros.
TIM's revenue declined 2.1% in organic terms to 4.1 billion euros, a notch above the 4 billion euros expected by analysts.
The Italian incumbent telecom operator's performance is even more impressive at the bottom line.
Boosted by the exemption from corporate tax in Italy due to the coronavirus crisis, net profit amounted to 6 billion euros in the fourth quarter and 7.2 billion euros over the full year.
As a result, the operator's net debt stood at 23.3 billion euros at the end of the year, down from 27.7 billion euros at the end of 2019.
At the same time, TIM presented its new strategic plan for 2021-2023, which plans to revitalise business in Italy and take advantage of the emergence of new markets (smart homes, security), while giving pride of place to a new organisational mode.
In late morning trading on Wednesday the share was up around 7.5%, bringing it to its highest level for almost one year.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
Although Ebitda fell by 1.5% in organic terms in the fourth quarter to 1.8 billion euros, performance beat the consensus provided by the group, which was looking for 1.7 billion euros.
TIM's revenue declined 2.1% in organic terms to 4.1 billion euros, a notch above the 4 billion euros expected by analysts.
The Italian incumbent telecom operator's performance is even more impressive at the bottom line.
Boosted by the exemption from corporate tax in Italy due to the coronavirus crisis, net profit amounted to 6 billion euros in the fourth quarter and 7.2 billion euros over the full year.
As a result, the operator's net debt stood at 23.3 billion euros at the end of the year, down from 27.7 billion euros at the end of 2019.
At the same time, TIM presented its new strategic plan for 2021-2023, which plans to revitalise business in Italy and take advantage of the emergence of new markets (smart homes, security), while giving pride of place to a new organisational mode.
In late morning trading on Wednesday the share was up around 7.5%, bringing it to its highest level for almost one year.
Copyright (c) 2021 CercleFinance.com. All rights reserved.