TeliaSonera share price drops despite profits

The Stockholm stock exchange dipped slightly following Wednesday's early trading. A drop in the share price of major telecommunications operator TeliaSonera is thought to have been a contributory factor.

Shares in TeliaSonera fell back 7 kronor, or 11.3 percent, to 55 kronor on Wednesday morning.

On Tuesday the company reported a 7.7 percent rise in first-quarter net profit.

Net sales increased by 3.4 percent to 22.72 billion kronor.

“I am satisfied with the top-line growth and the bottom line but I am concerned about the margin within Broadband Services. Therefore further efficiency measures are needed in addition to the ongoing programs to

continue addressing the migration from traditional services,”said CEO Anders Igel in a statement.

“I am particularly happy with the usage increase in mobility and that our market initiatives in broadband are having an effect,” he added.