Here's Why VEON Shares Plunged Post Q4 Results - VEON (NASDAQ:VEON)

VEON Ltd VEON reported fourth-quarter FY21 revenue growth of 12.2% year-on-year to $2.05 billion, beating the consensus of $2.01 billion.
Total service revenue grew 10.3% Y/Y in local currency to $1.86 billion. Mobile data revenue rose 16.8% Y/Y to $698 million in local currency.
Total mobile customers rose 4.4% Y/Y to 203.6 million in FY21.
The 4G subscribers increased 29.9% Y/Y to 97.3 million.
The 4G subscriber base penetration expanded 940 bps to 47.8%.
The fixed-line broadband customers rose 6% Y/Y to 4.7 million.
The EBITDA margin contracted 60 bps to 40.3%.
The net income improved from $35 million to $341 million.
VEON held $2.25 billion in cash and equivalents and generated $637 million in operating cash flow.
"I am encouraged by the progress we made this past year in a number of important growth areas such as our digital operator metrics including 4G subscribers, penetration of digital services, data revenues, as well as achieving balanced growth across all our geographies, including Russia."
Outlook: "Given current circumstances we are not providing specific guidance for 2022."
Price Action: VEON shares traded lower by 15.6% at $0.68 in the premarket on the last check Monday.