“It has been decades since the world last saw today’s macroeconomic conditions,” she writes in the report. “Working in this environment will therefore be a test for us.”
Total sales rose by 1.9 percent to 22.29 billion, slightly above the expected 22.19 billion.
Telia reported a profit before tax of SEK 2.12 billion for the second quarter, compared with 8.35 during the corresponding period in 2021.
Despite the sharp decline, the result was better than expected. Analysts had expected an average profit of SEK 2.07 billion, according to Bloomberg’s compilation.
Does not adjust the targets for 2022
Despite the fact that historically high inflation will dampen expenditure costs, the Nordic mobile, broadband and television service company has chosen not to adjust its final year targets.
The company intends to reduce its expenses by SEK 2 billion by 2023, reports Reuters.
5G and mobile services
Investments in the 5G network constitute a significant expense item. An investment with low risk due to what the CEO describes as “today’s ever-present connection”.
“We saw an increase in revenue from mobile services in all our markets except Finland,” Allison Kriby told Reuters.