PARIS/FRANKFURT: Orange SA, France's largest telecom operator, posted slightly lower quarterly results on Tuesday that were largely in line with expectations as mobile subscriber growth and expense-cutting failed to offset higher network spending.
Orange said revenue fell 0.9 percent to 9.67 billion euros ($10.52 billion), topping the company-compiled average analyst estimate of 9.63 billion, but restated core profit fell 1.9 percent to 2.92 billion, shy of the 2.94 billion poll average.
The company, which is active in countries across Europe, Africa and the Middle East, also confirmed that it expects to meet its full-year 2015 financial targets for restated core profit of 11.9 billion to 12.1 billion euros, which is down slightly from the 12.19 billion euros it reported in 2014.
As part of a four-year cost-cutting and investment plan announced in March, Orange cautioned that 2015 would mark a low point in profitability before stronger earnings and revenue growth return in 2017 and 2018.
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