Telecom Italia (TIM), Italy's largest telecoms company, on Wednesday said it had further cut its 2021 core profit guidance to reflect worsening market conditions.
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It said its board had discussed a possible reorganisation to extract value from the group's assets and asked CEO Luigi Gubitosi to continue to study options.
Organic earnings before interest, tax, depreciation and amortisation after leases (EBITDA-AL) fell 7.6 per cent year-on-year to €1.46 billion in the third quarter, just below an analyst consensus provided by the company of €1.47 billion.
Europe's sixth-largest telecoms group said domestic revenues fell 3.2 per cent year-on-year to €3.1 billion, in line with expectations.
Like other European peers, TIM is grappling with aggressive price competition on its crowded home market, which accounts for nearly 80 per cent of sales.
TIM said it expected its organic EBITDA-AL to post a mid- single digit drop this year, versus a previous forecast for a low-to-mid single digit decline.
TIM also pushed back a goal to stabilise domestic service revenues in 2021, forecasting a low single digit decrease.