Revenue and profit down at Freenet

8 Aug 2008

Freenet has posted an 80% year-on-year fall in operating profit to EUR9.2 million (USD14.3 million) for the second quarter of 2008, significantly worse than analyst expectations. Revenues dropped 6.8% to EUR435 million as the company found conditions to be tough going in the fiercely competitive German telecoms market. One bright spot for the operator was that sales at its mobile telephony unit rose by EUR6.6 million to EUR283 million for the three-month period. Earlier this week Freenet announced that it had received expressions of interest for its broadband operations. The firm’s shares have lost approximately 30% of their value in 2008.

Germany, freenet