VEON .(US:VEON) Newsfilterยท2024-08-08 05:00Core Insights - VEON reported Q2 2024 revenue of USD 1,026 million, reflecting a 12.1% year-over-year increase in reported currency and a 15.1% increase in local currency [1][2] - EBITDA for Q2 2024 was USD 459 million, representing a 10.6% year-over-year increase in reported currency and a 13.9% increase in local currency [1][2] - Direct digital revenue reached USD 108 million, marking an 83.3% year-over-year increase in reported currency and 81.4% in local currency [1][2] - The company maintained its FY 2024 revenue growth guidance of 16-18% and EBITDA growth guidance of 18-20%, both in local currency [3][4] Financial Performance - Total service revenues for Q2 2024 were USD 987 million, up 11.3% year-over-year in reported currency and 14.5% in local currency [2] - Capex for Q2 2024 was USD 181 million, a 5.8% increase year-over-year, with a capex intensity of 18.0% over the last twelve months [1][2] - Total cash and cash equivalents as of June 30, 2024, were USD 722 million, with USD 375 million held at headquarters [2] Digital Services Growth - Direct digital revenues exceeded 10% of total revenues, growing 77% year-on-year [4] - Digital services are contributing to topline growth through various channels including interest income, advertising revenues, subscription services, platform commissions, and pay-per-view revenues [5] Strategic Outlook - The company expressed optimism about its growth trajectory, emphasizing enhanced customer engagement through superior digital experiences and advanced technologies like artificial intelligence [6]