BT has released its Q1 results this morning. Total revenue was down 6% in the quarter, or 3% if we use BT’s preferred “ex transit” measure. It looks as though BT Global Services had an especially tough quarter, with revenue down 9% and EBITDA down 14%. However, at a group level, BT was able to keep its profits heading in the right direction by further trimming of costs. EBITDA was up 2% in the quarter, and EPS increased by a double digit percentage for the 11th quarter in a row.
BT shares are down 4.3% in early trading (vs a FTSE that’s down 0.1%), and we’ll have further comment for eligible subscribers following this morning’s call with management.