VEON - Why Veon Stock Popped Today
Shares of once-Russian-and-still-kind-of-Russian telecom giant Veon (NASDAQ: VEON) -- owner of the VimpelCom brand in Russia -- jumped as much as 32% in early trading on Friday after the company reported better-than-expected results for fiscal Q3 2022. The gains didn't hold, but Veon stock is still up a modest 1.8% as of 12:05 p.m. ET.
Analysts polled by Yahoo! Finance expected Veon to grow revenue 2.7% in Q3 to just over $2 billion. The telecom's results, which came out this morning, showed that revenue actually increased 3.5% to $2.07 billion.
So there's some good news to justify today's pop. Not all of Veon's news was good, however. While the company posted a $267 million profit from continuing operations, losses from discontinued operations (apparently, operations in Algeria and Georgia) ate up all that profit and more, leaving Veon with a $435 million loss for the quarter. Year to date, Veon's net loss is $242 million, despite revenue growing 2.8% for the year's first nine months.
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Why Veon Stock Popped Today