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- VEON Ltd (NASDAQ:VEON) reported second-quarter FY22 revenue growth of 5.6% year-on-year to $2.01 billion.
- Total service revenue grew 7.1% Y/Y to $1.89 billion. Mobile data revenue rose 11.6% Y/Y.
- The 4G subscribers increased 19.2% Y/Y to 101.9 million.
- The 4G subscriber base penetration expanded 690 bps to 50%.
- The EBITDA margin expanded 300 bps to 45.4%.
- The net income improved 43.5% Y/Y to $183 million.
- VEON held $2.3 billion in cash and equivalents
- Commenting on results, Kaan Terzioğlu said, "This quarter, our 4G users reached 50% of our customer base, moving closer to our target of 70% 4G penetration. More subscribers, higher 4G penetration, and more digital services, together with inflationary pricing and good cost management, are driving solid revenue and EBITDA performance across our countries."
- Price Action: VEON shares traded higher by 6.99% at $0.50 in the premarket on the last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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