VEON Ltd. (NASDAQ:VEON) shares traded higher on Thursday after the company reported its first-quarter results.
The company reported quarterly earnings per share of $1.36, beating the analyst consensus estimate of $0.83. Quarterly sales of $1.03 billion (up 8.9% year over year) outpaced the Street view of $996 million.
Direct digital revenue surged 50.2% to $147 million, making up 14.3% of total revenue for the quarter. EBITDA rose 13.7% year-over-year to $439 million.
Quarterly revenue growth was 12.9% yearly in local currency terms when adjusted for the cyberattack in Ukraine, which impacted the base, and the deconsolidation of TNS+ in Kazakhstan.
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The company ended the quarter with total cash and equivalents and deposits of $1.775 billion, $662 million at headquarters, and gross debt of $4.377 billion.
Outlook: VEON said it is maintaining its FY25 outlook with underlying local currency growth for total revenue of between 12% and 14% year-on-year and underlying local currency EBITDA growth of between 13% and 15%.
VEON’s 2025 outlook for the group’s capex intensity is in the range of 17%-19%.
The company commenced the second phase of its previously announced share buyback program in March 2025.
This second phase of the buyback, which can amount to up to $35 million, follows the completion of the $30 million first phase on January 27.
Price Action: VEON shares are trading higher by 14.05% to $56.22 at last check Thursday.
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