Q3 revenues were down by 4.6% yoy at constant currency. While the domestic decline of 1.4% yoy was slightly better than expected we note, however, that market conditions were once again tougher than expected in Brazil which recorded a sharp drop of 15% in its revenues (at constant currency) due largely to a 58% reduction in handset sales (sold with no margin a year ago). Q3 EBITDA was down by only 3.7% yoy organically and at constant change. Note in particular the Brazilian margin was up by 3
06 Nov 2015
A good recovery trend in Italy but tough market conditions in Brazil
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A good recovery trend in Italy but tough market conditions in Brazil
Telecom Italia S.p.A. (TIT:WBO) | 0 0 0.6% | Mkt Cap: 14,111m
- Published:
06 Nov 2015 -
Author:
Jean-Michel Salvador -
Pages:
3
Q3 revenues were down by 4.6% yoy at constant currency. While the domestic decline of 1.4% yoy was slightly better than expected we note, however, that market conditions were once again tougher than expected in Brazil which recorded a sharp drop of 15% in its revenues (at constant currency) due largely to a 58% reduction in handset sales (sold with no margin a year ago). Q3 EBITDA was down by only 3.7% yoy organically and at constant change. Note in particular the Brazilian margin was up by 3