Telia Q1 core profit beats estimates under pandemic shadow

Adds details on results

STOCKHOLM, April 23 (Reuters) - Nordic telecom operator Telia TELIA.ST on Friday reported quarterly core earnings above market expectations and said it was maintaining its full-year outlook despite the pandemic affecting parts of its business.

The company said the first-quarter results took a hit due to increased COVID-19 restrictions, including store closures, versus the prior quarter, and lower roaming revenue as people traveled less.

Telia's first-quarter adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) fell to 7.25 billion Swedish crowns ($859.9 million) from 7.28 billion crowns a year earlier, beating the mean forecast of 7.19 billion crowns, according to Refinitiv estimates.

Under Allison Kirkby, who took over as chief executive officer last year from a rival telecom operator, the company has reinstated its dividend, sold several businesses and launched a strategy to cut costs and boost shareholder returns.

First-quarter revenue fell 2.7% to 21.81 billion crowns, but edged past estimates of 21.66 billion crowns.

($1 = 8.4199 Swedish crowns)

(Reporting by Supantha Mukherjee in Stockholm, editing by Helena Soderpalm and Subhranshu Sahu)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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