Telecom Italia: shares dive 9% after profit warning
(CercleFinance.com) - Telecom Italia share have plunged over 9% on Friday morning, wiping out over 800 million euros in terms of value, after the Italian telecoms group warned of disappointing 2018 results.
In a statement, TIM said organic EBITDA of its domestic business unit for 2018 is expected to be down in "mid-single digits" compared to the previous year.
Looking ahead, the company said the competitive momentum that impacted 2018 is also expected to influence 2019, especially over the first six months of the year.
While analysts at UBS praise "a welcome act of clarity," Telecom Italia, which is the sharpest faller on the FTSE MIB index, is currently falling 9.2% to 0.4780 euro in morning trading on Friday.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
In a statement, TIM said organic EBITDA of its domestic business unit for 2018 is expected to be down in "mid-single digits" compared to the previous year.
Looking ahead, the company said the competitive momentum that impacted 2018 is also expected to influence 2019, especially over the first six months of the year.
While analysts at UBS praise "a welcome act of clarity," Telecom Italia, which is the sharpest faller on the FTSE MIB index, is currently falling 9.2% to 0.4780 euro in morning trading on Friday.
Copyright (c) 2019 CercleFinance.com. All rights reserved.