'Mixed performance' from KPN
Tuesday 23 October 2012
Both turnover and earnings were down at Telecom group KPN in the third quarter as ‘difficult market conditions’ continued to bite.
Group earnings were down 6.5% at €3bn while net profit fell 32% to €250m. Both figures are worse than analysts had expected.
One reason is that strong competition in the German growth market is counteracting sales growth from new subscription models, the company said.
Challenges
Chief executive Eelco Blok said in a statement: ‘Against an uncertain and challenging macro environment, we have seen mixed performance across the group.’
Nevertheless, KPN is on track in the Netherlands to reach its 2012 market share targets, he said.
The company’s plan to cut 4,000-5,000 jobs is also on target to be completed by the end of 2013.
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As a current, but soon to be jobless, KPN employee, my advice to Carlos Slim: sell your stock in KPN ASAP! This sinking ship is going down fast!
By Broseph | 23 October 2012 10:56 AM