Dragged down by regulatory and economic pressure on its domestic mobile operation, Telecom Italia said that its underlying revenues fell 4% year-on-year to 6.79 billion euros in the first quarter.
The performance of the Italian mobile unit was hit by a contraction in revenues from SMS and the sale of content value added services, regulatory-imposed changes to interconnection pricing and a reduction in the volume of handsets sold.
Telecom Italia, which reconfirmed its EBITDA targets for 2009, cut capital spending by 17% to 1.02 billion euros compared with the first quarter of 2008. source: Telecom Italia statement
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