Telecom Italia Profit Rises, Debt Drops After Network Sale
- Telecom Italia reiterated its outlook for debt decline
- Adjusted earnings without the network rose 7.4% last quarter
Group revenue for the quarter rose about 4% to €3.6 billion, driven by enterprise sales including cloud and cybersecurity services.
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Telecom Italia SpA said its adjusted earnings rose and reaffirmed guidance to cut debt after the phone carrier’s sold off its fixed-line network.
Net debt after leases was €8.1 billion ($8.7 billion) following the network sale, and the company reiterated its debt outlook at about €7.5 billion for the end of the year, Telecom Italia said in a statement late Wednesday. Without the network sale, Telecom Italia’s net debt would’ve risen to about €21.5 billion, a slight increase from the first quarter.