Swisscom raises 2021 earnings guidance as Italy business grows

ZURICH: Swisscom on Thursday bumped up its profit guidance for 2021 after reporting a 4.9% rise in its half-year earnings before interest, tax, depreciation and amortisation (EBITDA).

The telecoms company now expects EBITDA of 4.4 billion – 4.5 billion Swiss francs for the full-year, an increase of around 100 million francs from its previous forecast, after earnings on the EBITDA level rose to 2.317 billion Swiss francs ($2.55 billion) through June.

Half-year revenues rose 2.6% to 5.583 billion francs, thanks to growth in its Fastweb business in Italy. Swisscom also saw an uptick in smartphones sold and in its IT solutions business for corporate customers in its Swiss home market.