UPDATE 1-Norway's Telenor warns on 2020 revenue, profit in face of pandemic [Reuters]
TELENOR ASA S/ADR (TELNY)
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Source: Reuters
Norway's Telenor warns on 2020 revenue, profit in face of pandemic OSLO (Reuters) - Norway’s Telenor ( TEL.OL ) on Tuesday warned that 2020 revenue and earnings will fall short of its outlook as the coronavirus pandemic wreaks havoc, while posting first-quarter operating profit slightly ahead of forecasts. The telecom company’s January-March earnings before interest, tax, depreciation and amortisation (adjusted EBITDA) rose 13.7% year-on-year to 14.1 billion Norwegian crowns ($1.34 billion), while analysts in a Refinitiv poll on average expected a profit of 13.81 billion crowns. “From the latter part of March, we have started to see impact from the global spread of COVID-19 on our performance, as we are experiencing lockdown situations in many of our markets,” Chief Executive Sigve Brekke said in a statement. “This is in particular affecting roaming revenues and Asian prepaid markets,” Brekke said, adding that this might continue into the second quarter. Telenor had previously predi
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