On Tuesday morning, the telecoms group Telenor presented results for the first quarter of the year:
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Adjusted operating profit (ebitda before other items) was NOK 8.51 billion in the quarter, compared to NOK 8.08 billion at the same time last year
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Profit before tax was NOK 12.86 billion, against minus NOK 50 million
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The turnover was NOK 19.46 billion, compared to NOK 19.19 billion in the corresponding quarter last year
In advance, analysts expected an adjusted operating profit of NOK 8.53 billion, out of a turnover of NOK 19.69 billion, according to Bloomberg.
– The first quarter was another solid quarter for Telenor, says CEO Sigve Brekke in a statement.
In the quarterly report, the company points out that turnover increased in both the Nordics and Asia.
The company still expects low single-digit organic growth in Nordic service revenues and mid-single-digit organic growth in ebitda for the Nordics and for the group.
The CFO resigns
The Telenor share is down over four percent in the past year.
Of the analysts covering the company, 14 have a buy recommendation, 10 recommend a hold, and two analysts have a sell recommendation.
Recently, it became known that CFO Tone Bachke is stepping down. She has denied that the departure is related to the chief’s job. Kaspar Wold Kaarbø will take over as acting CFO from 8 May.
During the quarter, Telenor entered into a collaboration on artificial intelligence with Nvidia.
– Together we will work in a number of areas, and the aim is to accelerate AI in the Nordics. This means, among other things, that AI must be integrated into all aspects of our business, from the workplace and the value chain to customer experiences. Everything that can be improved with AI must be improved with AI, says Brekke.
