Brazilian wireless carrier TIM misses quarterly profit estimates

SAO PAULO: Brazilian wireless carrier TIM Participacoes SA reported on Tuesday that its first-quarter profit fell 10.4 percent year-on-year, missing analyst expectations.

In a securities filing, the local subsidiary of Telecom Italia SpA said its net income totaled 220 million reais ($55.42 million), below the consensus estimate of 360.4 million reais compiled by Refinitiv.

Earnings before interest, taxes, depreciation and amortization (EBIDTA) grew by 5.2 percent from a year ago to 1.5 billion reais in the first quarter. Analysts on average expected EBITDA of 1.53 billion reais, according to Refinitiv data.