Liberty Global sees tough Q2 | Major Businesses | Business | News | Rapid TV News
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Even though its leading subsidiary Virgin Media O2 welcomed the return of growth in profitability and revenue rises during the time period, media giant Liberty Global has reported a second quarter of 2022 showing marked losses in terms of revenue, profits and customers.
Liberty 23Sep2021
For the quarter ended 30 June 2022, Liberty Global saw Q2 revenue decrease 41.3% year-on-year (YoY) on a reported basis, up 1.0% on a rebased basis, to $1.754.2 billion while Q2 earnings from continuing operations decreased 79.5% YoY on a reported basis to $2.282.2 billion. Q2 Adjusted EBITDA decreased 45.8% annually on a reported basis and decreased 3.6% on a rebased basis to $649.8 million.

The quarter also saw Liberty Global have total organic customer net losses of 19,900. This compared with 2,400 losses for Q2 2021 and meant for the half year a total of 23,800 customer losses.

Assessing the quarterly results, Liberty Global CEO Mike Fries, said that despite what he called an increasingly difficult macroeconomic environment developing throughout the second quarter, the demand for connectivity remained high and the company was well positioned to execute on strategic and financial goals.

“In each of our core operating markets, we remain focused on product innovation and offering the best value for our customers, especially as they manage through the effects of increased living costs,” he said. “At the same time, we are proactively addressing the impacts on our costs while supporting our network investments across fixed and mobile. Our continued focus on innovation is driving unique FMC product and bundling strategies that not only differentiate us from the competition, but also generate higher NPS, lower churn, and support ARPUs.”

In its second quarter, Virgin Media O2 increased its fixed and mobile customer base with 8,000 fixed and 13,000 mobile contract net adds leading to revenue and EBITA improvements.