Cellcom Q3 Earnings Down 38%
Cellcom Israel Ltd (NYSE: CEL) reported a 38% drop in its third-quarter earnings.
Cellcom's quarterly profit fell to NIS124 million ($31.7 million), or NIS1.25 per share (32 cents), versus NIS825 million, or NIS8.28 per share, in the year-ago period.
Its revenue fell 13% to NIS1.45 billion ($370.1 million). However, analysts were expecting earnings of NIS0.97 per share on revenue of NIS1.46 billion.
Cellcom's gross margin declined to 41.1% from 47.1%, while service revenue fell 18%.
Cellcom shares closed at $8.91 yesterday.
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