Telia's Q2 core earnings beat expectations
Telia
reported second-quarter core earnings above market expectations on Friday, aided by the sale of assets in Denmark as it focuses on key markets to reduce costs.
The group said in a separate statement it had offered to buy Swedish broadband provider Bredband2 i Skandinavien for 3.25 Swedish crowns ($0.3342) per share in cash. The agreed offer values Bredband2, at 3.1 billion Swedish crowns.
Telia, which provides telecom services in the Nordic and Baltic countries, has been grappling with lower ad sales in its media business as inflation-hit companies tighten their advertising budgets.
Last September, it presented a restructuring plan that would include cutting 3,000 jobs or about 15% of its workforce in 2024. The aim was to reduce costs by 2.6 billion crowns annually.
It has since sold part of its non-core business, to cut costs and reduce inefficiencies.
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