** Shares in NOS NOS.LS slip around 2% to their lowest level since May, giving up earlier gains, after the Portuguese telecommunications company posted lower-than-expected Q2 results

** Q2 revenues of 458 mln euros rose 3.2% year-on-year but were 3.4% behind Bloomberg consensus, J.P. Morgan says

** CaixaBI also says that Q2 net income recorded a negative trend due to drop in non-recurring gains and extraordinary expenses as a result of IT unit expansion

** JPM expects 2025 to be much more challenging for NOS and sees rival Digi’s entrance as a risk, adding that NOS has benefitted from CPI-linked pricing which will be lower in 2025

** The stock is at the bottom of Lisbon's blue chip PSI20 .PSI20 index

(Reporting by Mireia Merino)

((Mireia.Merino@thomsonreuters.com; Reuters Messaging: mireia.merino.thomsonreuters.com@reuters.net/))