Telia core earnings beat as Nordic countries open up

STOCKHOLM: Nordic telecom operator Telia on Wednesday reported quarterly core earnings marginally ahead of market expectations and maintained its full-year outlook as the Nordic markets gradually recover from the effects of the pandemic.

While the company posted growth in Sweden, Norway and the Baltics, pandemic restrictions in Denmark and higher competition from Elisa in Finland created a drag on its results.

“Some markets in our footprint like Denmark have had severe lockdowns,” Telia CEO Allison Kirkby said in an interview. “We saw real progress in them in June after they opened up.”

Its TV business also saw a huge boost with service revenue growing 45% as more subscribers signed up to watch sporting events such as the UEFA Champions League and advertisers returned to the platform.