UPDATE: Vimpelcom Q1 Net Income Drops 29%

Vimpelcom Ltd

reported a 29% drop in its first-quarter net income. Vimpelcom's quarterly net income fell to $318 million, from $450 million, in the year-ago period. Its revenue rose 3% to $5.62 billion, from $5.48 billion, versus analysts' estimates of $5.57 billion. Earnings per share came in at $0.20 per share, versus analysts' estimates of $0.23 per share on. Vimpelcom's mobile subscriber base surged 12% to 209 million. Vimpelcom's shares closed at $9.09 yesterday.