Five things to watch in finance: Veon, Liberty Latin America, Lumen Technologies
As several companies from around the world share their Q2 results, here is a financial round-up with all the key points.
Veon revenue rises on subscriber growth
Veon reported a 5.6 rise in Q2 revenue on Thursday, driven by a rising number of subscribers and its inflationary pricing strategy.
The operator, which is the largest in Ukraine and second-largest in Russia posted revenues of US$2 billion in three months to June 30 compared to US$1.9 billion last year over the same period.
"Our second-quarter results demonstrate the resilience and the success of Veon Group companies, as our 4G focus and digital operator strategy continued to deliver growth despite unprecedented geopolitical challenges," said Kaan Terzioglu, CEO of Veon.
Veon’s 4G users reached 50% of its customer base during the quarter.
In Ukraine, where it operates the Kyivstar brand, its 4G customer base grew 11.9% and in Russia, it reported a revenue increase of 12.2%.
Altice loses around 40,000 broadband customers
Altice USA lost around 40,000 broadband customers in Q2, representing a fourth consecutive quarter of losses.
Analysts initially expected a loss of around 20,000 customers but these expectations were blown out of the water by the biggest decline in its broadband base so far.
Overall revenue was down 2.1% to US$2.46 billion, and its cash flow fell by 8.8% to US1 billion.
The firm continues its fibre broadband buildout plans, however, and is rebranding all of its systems under the Optimum name.
Liberty Latin America reports growth
Liberty Latin America has announced Q2 revenue growth of 4% to US1.2 billion, up 1% on a rebased basis.
The company added that its Q2 mobile postpaid additions stood at 106,000.
CEO Balan Nair said: “Following a solid start to the year, we made further progress in the second quarter as we grew our internet and postpaid mobile subscriber bases and completed the acquisition of Claro Panama in the beginning of July.”
Nair added that on July 1, the company closed the acquisition of Claro Panama and expects to complete its 50/50 joint venture with Claro Chile in the second half of 2022.
Brookfield Infrastructure posts strong FFO Q2 numbers
Brookfield Infrastructure Partners’ funds from operations (FFO) jumped 30% compared with Q2 of last year.
The firm recorded a net income of US$176 million for the three-month period that ended June 30, compared to US$352 million last year.
FFO for Q2 was the highest it has ever been for the company, at US$513 million.
Brookfield says this was fuelled by recent acquisitions, organic growth and gains on its foreign currency hedging programme.
Lumen profits slide after stocks fall
Lumen Technologies’ revenues fell 6.3% to US$6.61 billion, beating expectations of a 6.9% decline.
The company says it will retool its business segment and focus on growth products, executives said during its Q2 2022 earnings call.
Lumen’s large enterprise segment continued its decline in Q2 2022, slipping 6.4% to US$884 million during the quarter compared to US$945 million a year ago.
Total enterprise revenues stood at US2.51 billion while its mid-market segment fell 5.3% during the first quarter to US$626 million.