Why Veon Stock Was Crushing It Today
Key Points
The telecom, which operates in foreign markets such as Ukraine and Pakistan, published its latest set of quarterly results.
Although it flipped to a net loss, that deficit was much narrower than expected.
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Investors were happy to take a call from Veon (NASDAQ: VEON) as the trading week kicked off. The telecom's American depositary shares (ADSes) were rising by more than 15% in late-session trading Monday thanks to a quarterly earnings report that was well received by market players. That rise was significantly higher than the S&P 500 index's 1.6% gain at that point.
Good news from abroad
Well before market open that day, Veon -- which reports in U.S. dollars despite being headquartered in Dubai and operating entirely overseas -- took the lid off its third-quarter results. For the period, it earned $1.12 billion in revenue, for a nearly 8% improvement over the year-ago quarter.
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Image source: Getty Images.
On the down side, it flipped to a net loss of $127 million ($1.84 per ADS) for the period, against the third-quarter 2024 profit of $227 million.
Despite the tumble into the red, Veon topped the consensus analyst estimate of a $4.39-per-ADS loss for the quarter. Pundit projections for revenue weren't immediately available.
In its earnings presentation, Veon attributed the rise in revenue to "resilient telecom and infrastructure trends and accelerating growth in direct digital revenue." Said revenue rose a sturdy 63% year over year to $198 million.
Guidance bump
That optimism extended to Veon's guidance. The telecom company raised its outlook for earnings before interest, taxes, depreciation, and amortization (EBITDA) growth for this year over 2024. It now believes the metric will improve by 16% to 18% in 2025, up from the previous estimate of 14% to 16%.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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