BT Group Plc’s profit in the first fiscal quarter rose after the telecom company increased prices earlier in the year and continues to slash costs.
(Bloomberg) — BT Group Plc’s profit in the first fiscal quarter rose after the telecom company increased prices earlier in the year and continues to slash costs.
Adjusted earnings before interest, taxes, depreciation and amortization rose 5% from a year ago to £2.03 billion ($2.63 billion), the London-based company said in a statement on Thursday. That’s in line with the £2 billion average analyst estimate compiled by the company.
The telecom giant is looking for ways to return to reliable growth, and recently announced a plan to slash its workforce by more than 40% by the end of the decade. It’s also seeking a new chief executive officer after Philip Jansen said this month he’d step down within a year.
First quarter adjusted revenue rose 4% to £5.16 billion, compared to a £5.12 billion estimate from the company consensus.
The company reiterated its outlook. BT shares have gained 13% so far this year to Wednesday.
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