Telecom Italia’s guidance unchanged after Q1 earnings meet forecast

MILAN: Italy’s biggest phone group Telecom Italia (TIM) on Wednesday said its financial targets were unchanged after first-quarter earnings broadly met expectations, pointing to a stabilisation in revenue after the hit from the pandemic.

Organic earnings before interest, tax, depreciation and amortisation (EBITDA) after lease costs fell 1.7% to 1.38 billion euros ($1.68 billion) in the January-March period, versus an analyst consensus provided by the company of 1.37 billion euros.

Organic EBITDA strips out one-off items.

TIM reported a net 200 million euro quarterly loss hit by costs borne to send around 1,300 staff into early retirement.