Telecom company VEON Ltd. (NASDAQ:VEON) reported third-quarter FY23 sales growth of 6.1% year-on-year to $945 million compared to $891 million last year.
Revenues generated by 4G and Multiplay users increased 15.4% Y/Y to $474 million. Service revenue grew 6.9% to $913 million.
EBITDA of $444 million climbed 17% Y/Y, and the EBITDA margin expanded 440 basis points to 47%.
The company’s net debt, excluding leases, totaled $1.3 billion. EPS from continuing operations for the quarter was $0.07 compared to $0.08 a year ago.
VEON held $2.2 billion in cash and equivalents as of September 30, 2023.
“In 3Q23, VEON delivered very strong organic growth as well as solid reported currency growth in both revenue and EBITDA, with our digital operator strategy helping to drive market share and wallet share gains across all our operations,” said CEO Kaan TerzioÄŸlu.
Outlook: VEON raised FY23 local currency revenue growth outlook from 16% – 19% to 18% – 20%.
The company raised FY23 EBITDA growth guidance from 10% – 14% to 185 – 20%. VEON cut FY23 LTM Capex intensity outlook from 18% – 20% to 16% – 18%.
Price Action: VEON shares are trading lower by 1.86% at $19.50 on the last check Monday.
