BT Group’s (LON:BT.A) share price has drifted lower in London this Friday as the former telecom monopoly posted a fall in revenue and profits for the first quarter of its financial year. The update follows the company’s full-year results in May when BT flagged adjusted revenue down by about two percent in the 2019/20 financial year and adjusted EBITDA of between £7.2 billion and £7.3 billion.As of 09:16 BST, BT’s share price had given up 2.79 percent to 188.50p, marginally underperforming the broader market selloff which has seen the benchmark FTSE 100 index give up 2.02 percent to 7,431.85 points so far today. The group’s shares have given up more than 17 percent of their value over the past year, as compared with about a 1.7-percent fall in the Footsie.BT posts first-quarter updateBT announced in a statement this morning that its revenue had inched one percent lower to £5.6 billion in the first quarter to June 30. Adjusted EBITDA was also down one percent, to £1.96 billion during the reported period. The company posted a 36-percent fall in normalised free cash flow, reflecting increased capital expenditure and higher interest and tax payments.“BT delivered results in line with our expectations for the quarter,” BT’s chief executive Philip Jansen commented in the results statement, adding that the telco was on track to meet its outlook for the year.Analysts weigh in on resultsThe Financial Times quoted Robert Grindle, an analyst with Deutsche Bank, as commenting that BT had beaten expectations but that it masked a weaker performance in its consumer business. While the company reiterated its outlook for the year, the analyst reckons that problems are brewing in mobile, with average revenue per use diving, and in fixed line where customers could migrate onto new lines built by rivals.According to MarketBeat, the former telecom monopoly currently has a consensus ‘hold’ rating, while the average target on the BT share price stands at 270.50p.
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