The case is updated
Telenor presented the results for the first quarter of the year on Tuesday morning.
Fasiten showed a turnover of NOK 19.46 billion for the quarter, up from NOK 19.19 billion in the same quarter last year. According to estimates obtained from Telenor, the consensus expected an average turnover of 19.7 billion for the quarter.
Service revenues totaled NOK 15.77 billion, compared to NOK 14.82 billion in the same period last year. Here, the analyst corps expected an average of NOK 15.65 billion.
At the same time, operating profit climbed from NOK 3.83 billion in the first quarter of last year to NOK 5.63 billion in the same period this year. This was also somewhat better than expected, as the analysts on average predicted an operating profit of NOK 5.34 billion.
Maintains outlook
Telenor had organic growth in operating profit before depreciation and amortization (EBITDA) before other items of seven percent to NOK 8.51 billion, in line with the outlook for the company.
At the same time, profit before tax was NOK 12.86 billion in the first quarter, up from a loss of NOK 50 million in the first quarter of last year. Here they crushed the analysts’ expectations, who expected an average pre-tax result of NOK 11.57 billion.
By comparison, they had a result of NOK 1.1 billion in the fourth quarter of 2023.
Otherwise, the company reiterated its outlook for 2024, which is as follows:
- Low single-digit organic growth in Nordic service revenues.
- Medium single-digit organic growth in Nordic EBITDA and for the group.
- For the Nordic operations, investments are expected to make up around 17 per cent of revenues.
- Free cash flow of NOK nine to ten billion for the group before M&A and any deferred items.
Increase in digital attacks
– The first quarter was another solid quarter for Telenor. We continue to develop security services that can protect our customers against digital attacks, and see that it is important for our customers, says Telenor’s CEO, Sigve Brekke, in today’s report.
According to the report, Telenor stopped more than 500 million attempts at digital crime aimed at Norwegian customers – an increase of 70 per cent compared to the previous quarter.
– The significant scale says something about how serious this societal problem is, despite the fact that most of these are attempts we stopped before they did harm to our customers. The attacks are carried out by well-organized criminal networks, and new technology makes it increasingly easier to mass-produce various forms of attack, says Brekke in the message.
