Telecommunications giant Telkom’s earnings pummelled more than 50%, as it struggled to keep up with competition from its rivals and customers migrated to new technologies. The ‘big six’ network operator delivered its financial results for the six-month period to 30 September 2022, showing a 51.9% fall in headline earnings per share to 137.2 cents per share. Basic earnings per share declined 52.5% to 131.6 cents per share. By 14:35 on Wednesday, Telkom’s share price had fallen 3.66% to R34.49.
Its mobile product mix shifted towards longer post-paid contracts, while the pre-paid surge slowed. The company’s pre-paid subscriber base grew by 10.7% to R15.2 million while the post-paid base increased by 11.7% to R2.9 million. South Africa’s weak economic conditions, which have eroded consumers’ spending power, and the impacts of load shedding have also negatively impacted the company.
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