Partner Communications Clocks 6% Revenue Growth In Q3 Backed By Service Revenue Momentum

Author: Anusuya Lahiri | November 23, 2022 08:03am

Partner Communications Company Ltd (NASDAQ:PTNR) reported third-quarter FY22 revenue growth of 6% year-on-year to $252 million.
Service revenue rose 8% Y/Y to $206 million, and Equipment revenue fell 1% Y/Y to $46 million.
Service revenues for the cellular segment increased 9% Y/Y to $134 million, and the fixed-line segment rose 6% Y/Y to $80 million.
Cellular ARPU grew 6% Y/Y at $14; Cellular Subscriber Base rose 1% Y/Y to 3.04 million. The Cellular Churn Rate increased by 250 basis points to 8.9%.
Fiber-Optic Subscriber Base rose by 76 thousand Y/Y to 268 thousand subscribers, and Homes Connected (HC) to Partner's Fiber-Optic Infrastructure rose by 276 thousand Y/Y to 900 thousand. The infrastructure-Based Internet Subscriber Base grew 38 thousand Y/Y to 403 thousand subscribers, and the TV Subscriber Base decreased by 4 thousand Y/Y to 222 thousand subscribers.
The gross profit from equipment sales declined 11% Y/Y to $9 million, reflecting changes in the sales mix in the cellular segment, partially offset by an increase in profit in fixed-line sales.
EPS was $0.08. Adjusted EBITDA margin expanded 100 basis points to 31%.
Partner Communications generated $79 million from operating cash flow and held $213 million in cash and equivalents.
Price Action: PTNR shares closed lower by 0.13% at $7.74 on Tuesday.