Strong demand for connectivity but Liberty Global takes turns in Q3 | Large companies | Business | New
After experiencing a strong third quarter 2020 where it recorded 27,300 organic customer additions, Liberty Global reported net losses of 5,400 for the third quarter of this year. However, for the year to date, the company said it had 24,600 organic customer additions, an annual increase of 339.3%.
Highlights for the company in the quarter included the performance of Virgin Media O2 in the UK which launched its first joint packages since the merger, expanding its gigabit footprint and driving revenue growth with its first converged product, VOLT, put online on the market. barely four months after the creation of the company. Net mobile phone contract additions were 108,000 in the third quarter and broadband net additions in the third quarter totaled 42,000. This reflected, Liberty Global said, continued demand for faster broadband speeds, with a sixth consecutive quarter of growth in both areas for the Project Lightning gigabit cable offering and the existing footprint. The company’s gigabit footprint reached 12.8 million premises by the end of the quarter and the company said it was on track to provide network-wide coverage of its 1.1 speeds. Gbps by the end of 2021.
Virgin Media’s O2 revenue increased 0.8% year-on-year on a pro forma currency neutral basis10 to $ 3,614.0 million in the third quarter, primarily due to higher revenue from handsets fueled by increased upgrade activity following new hardware launches from Samsung and Apple, offset by lower service revenue due to the continued impact of a change in the channel mix of distribution.
Commenting on the third quarter results, Liberty Global CEO Mike Fries said, “The third quarter marked the first full quarter of operations for our four Converging National Champions, as we continue to demonstrate strong business momentum in the whole group. Operationally, we added 266,0001 mobile broadband and postpaid subscribers during the quarter through continued execution of our convergence strategies… During the quarter, we continued to advance our network development strategies in all of our operations… We also continued to make solid progress in terms of our Ventures investments and the implementation of our leveraged investment strategy for value creation.