Telenor hikes Nordic sales forecast for 2024 on easing inflation
2:47 am Thursday, July 18th, 2024
By Jesus Calero
(Reuters) – Norwegian telecom operator Telenor raised its 2024 sales forecast on Thursday, citing strong performance in the first half of the year and favourable inflation trends in the Nordics, and said it would continue to hike product prices.
The company raised its full-year forecast for Nordic service revenues to low- to mid-single-digit percent organic growth, compared with the previous forecast of low single-digit growth.
“Inflation in the Nordic region has come down to low-to-mid single digit levels so far this year,” Telenor said in a statement.
“Nevertheless, we will continue to drive upselling on a more-for-more price basis and systematically pursue adjustments of price points where we see the right opportunities,” it added.
Telenor said it benefited from growth in the Nordic and Asian markets in the second quarter of 2024, backed by strategic investments in technology and cybersecurity.
Following a revamp of its Asian units, Telenor is now ramping up tech use in the Nordics, investing in artificial intelligence after launching a new partnership with Nvidia earlier this year.
Its core earnings (EBITDA) before other items rose to 8.79 billion Norwegian crowns ($820 million) in the April to June quarter, from 8.77 billion crown a year earlier, in line with analysts’ expectations in a company-provided consensus poll.
($1 = 10.7241 Norwegian crowns)
(Reporting by Jesus Calero in Gdansk; editing by Milla Nissi)
