Telecom Italia lifts profit outlook helped by cost cutting

2022.08.03 20:26

Telecom Italia (TIM) logo and stock graph are seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration

MILAN (Reuters) – Telecom Italia (BIT:TLIT) (TIM) on Wednesday improved its core profit target for the year, helped by cost cutting and the contribution from the company’s Brazilian subsidiary in the second quarter.

TIM said its core earnings after lease fell by 14.3% to 1.3 billion euros in the April-June period, marginally ahead of an analyst consensus provided by the company of 1.29 billion euros.

TIM said it now sees its core profit after lease costs falling by a ‘low-teens’ percentage this year from its previous guidance of a ‘mid-to-high teens’ decrease.

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