Deutsche Telekom attributed strength in home market Germany and its lucrative T-Mobile US business for a rise in Q4 2022 revenue, while hitting its full year targets despite macroeconomic headwinds.
In an earnings statement, CEO Timotheus Hoettges stated the “upheavals in the world and their consequences are not without their effects on Deutsche Telekom”, but added the company was able to continue executing its strategy.
Revenue 4 per cent year-on-year in Q4 to €29.8 billion, driven by mobile.
Net profit grew from €471 million to €1 billion.
In Germany, Deutsche Telekom booked 225,000 net contract customer additions, while mobile service revenue grew 3.5 per cent.
Overall revenue rose 1.2 per cent to €6.4 billion.
In the US, Deutsche Telekom pointed to continued increased usage of high speed internet and growth in post-paid customers, helping towards a revenue lift of 8.3 per cent to €19.8 billion, though it booked a decline in local currency.
Deutsche Telekom expects to unlock synergies from its takeover of Sprint by at least 20 per cent more in 2023.
Revenue in its Europe business was flat at €2.9 billion, as growth in mobile service revenue was offset by rising energy prices and a Hungarian tax provision.
IT arm T-Systems revenue increased 6.2 per cent to €1 billion.
Full-year revenue was up 6.1 per cent from 2021 to €114.4 billion, beating its guidance for the year, which the company noted was raised multiple times throughout the year.