Why VEON Stock Fell Today
Shares of VEON (NASDAQ: VEON) fell today, down by 8% at the close, after the company reported second-quarter earnings. The financial results were impacted by the COVID-19 pandemic, even as consumers relied more on the its telecommunications services.
Revenue in the second quarter declined 16% to $1.9 billion, which resulted in a net profit of $175 million, or $0.09 per share. On a local currency basis, revenue only fell by 7%. VEON said that its operations were adversely affected by store closures and the loss of roaming and migrant customer service revenues, as well as lower equipment sales.
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Source Fool.com
