Telecom Italia Matches Q2 Earnings Expectations with Support from Brazil and Enterprise
Telecom Italia Q2 2024 Financial Performance Overview
July 29 (Reuters) - Telecom Italia (TIM) reported second-quarter core earnings broadly in line with expectations on Wednesday, as growth in its Brazilian unit and enterprise division accompanied a return to growth in its domestic market.
Takeover Offer and Strategic Developments
The results are the first since TIM's board on July 18 unanimously approved a takeover offer from its largest shareholder, Poste Italiane, in a deal valued at more than 13 billion euros that aims to create a national telecommunications champion.
Financial Highlights
The former phone monopoly's earnings before interest, tax, depreciation and amortisation after leases (EBITDA-AL) for the three months to June 30 rose to 998 million euros ($1.14 billion), compared with a company-provided analyst consensus of 995 million euros.
Growth Drivers
Domestic revenue returned to growth during the quarter, while Brazil and TIM Enterprise continued to support the group's performance.
Exchange Rate Information
($1 = 0.8787 euros)
(Reporting by Mirko Miorelli, editing by Matt Scuffham)
