German telecommunications firm Deutsche Telekom has seen its net profit plunge 87.1% to €1.98 billion ($2.15 billion) in the first quarter, down from €15.36 billion in the same period last year, the company announced on Thursday.
Earnings per share dropped to €0.4 from €3.09 last year, the company said.
Last year's result benefited from a special factor resulting from the sale of the majority stake in GD Towers.
Adjusted net profit was €2.24 billion in the first quarter, compared to €1.96 billion last year.
Adjusted earnings per share were €0.45, compared to prior year's €0.39.
Deutsche Telekom said net revenue edged up 0.4% to €27.94 billion from last year's €27.84 billion. Net revenues grew 1.6% in organic terms.
Looking ahead for fiscal 2024, Deutsche Telekom confirmed its guidance outside the United States, while T-Mobile US raised its guidance slightly.
Adjusted earnings per share is expected to be more than €1.75, up from €1.6 in 2023.