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Jun 30, 2024
Liberty Global Q2 2024 Earnings Report
Reported a revenue increase of 1.4% YoY and net earnings increased 153.8% YoY.
Key Takeaways
Liberty Global announced its Q2 2024 financial results, with CEO Mike Fries highlighting strategic priorities including maximizing FMC value, leveraging the Ventures portfolio, and returning value to shareholders. The company is on track to spin off Sunrise in Q4 2024 and has confirmed plans for a CHF 240 million dividend in 2025. They are updating full-year revenue guidance at VMO2 to 'low to mid-single-digit decline' reflecting lower handset sales; on track for all remaining OpCo guidance targets.
Sunrise spin-off remains on track for Q4 2024, with a Capital Markets Day scheduled in Zurich on September 9.
New long-term mobile network sharing and spectrum acquisition agreement with Vodafone in the U.K.
Reached a fixed network sharing MOU with Proximus in Belgium and secured 5G spectrum in the Netherlands.
Ventures portfolio independently valued at $3.0 billion, following the ~$420 million proceeds from the sale of stake in All3Media.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Liberty Global is confirming all 2024 guidance metrics, with the exception of VMO2 revenue, which moves from 'stable to decline' to 'low to mid-single-digit decline', reflecting the continued pressure on low-margin mobile hardware revenues.
Positive Outlook
- On track to spin-off Sunrise in Q4 this year.
- Confirmed intention to pay a CHF 240 million dividend in 2025.
- New, long-term mobile network sharing and spectrum acquisition agreement with Vodafone.
- Fiber reach is now over 5 million homes and ramping.
- Reached a fixed network sharing MOU with Proximus in Belgium, secured 5G spectrum in the Netherlands.
Challenges Ahead
- VMO2 revenue guidance updated to 'low to mid-single-digit decline', reflecting pressure on low-margin mobile hardware revenues.
- Intensely competitive market environment.
- Tough comparison base against Q2 last year impacted Telenet performance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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