By Adria Calatayud
Orange reported results for the third quarter on Tuesday. Here is what you need to know:
REVENUE: The French telecommuncations company’s third-quarter revenue came in at 11.00 billion euros ($11.74 billion), matching consensus expectations provided by the company. For the same period last year, it reported revenue of EUR10.82 billion.
EBITDA: Orange’s earnings before interest, taxes, depreciation and amortization after leases was EUR3.60 billion, against a company-provided consensus of EUR3.59 billion, and compared with EUR3.58 billion in the year-earlier period.
WHAT WE WATCHED:
–FRENCH MARKET: Orange said revenue in France fell 0.6% to EUR4.44 billion, improving from the declines of 1.3% and 1.8% it reported for the second and first quarters, respectively. A reduction in promotional activity in France over the past few weeks could create tailwinds for Orange going into the fourth quarter, Citi analyst Georgios Ierodiaconou wrote in a research note.
–SPANISH DEAL: The company said it remains confident that European Union authorities will approve the proposed combination of its Spanish business with MasMovil toward the end of the year, paving the way for the deal to be completed in the first quarter of 2024.
Write to Adria Calatayud at [email protected]
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