Telecom Italia slides to one-year low after cutting guidance

MILAN: Shares in Telecom Italia (TIM) fell as much as 7.9% on Thursday to an almost one-year low after Italy’s biggest telecoms group further cut its 2021 core profit guidance to reflect worsening conditions in its domestic market.

Like other European peers, TIM is grappling with aggressive price competition in its crowded home market, which accounts for nearly 80% of group sales, and is facing the upcoming entry of low-cost French rival Iliad into the fixed-line business.