NTT's Profit Falls on Weaker Mobile, Broadband Earnings
By Kosaku Narioka
Nippon Telegraph & Telephone's second-quarter net profit fell due to weaker earnings from its mobile and broadband businesses.
The Japanese telecom company said Tuesday that net profit dropped 10% from a year earlier to 295.1 billion yen ($1.97 billion) for the three months ended Sept. 30. That missed the estimate of Y343.24 billion in a poll of analysts by FactSet.
Operating profit from its mobile business declined 1.6% from a year earlier to Y288.1 billion, while that of its broadband business fell 17% to Y104.6 billion.
Second-quarter revenue increased 1.1% from a year earlier to Y3.253 trillion.
NTT kept its earnings forecasts for the fiscal year ending March 2024 unchanged. It continues to project that net profit will climb 3.5% to Y1.255 trillion and revenue will decline 0.6% to Y13.060 trillion.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
November 07, 2023 00:39 ET (05:39 GMT)
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