Telecom Italia published the financial report for the quarter ended on 30 September. According to the announcement, the company’s net profit was 1.2 billion Euros for the quarter. The company also stated that the net financial debt as of 30 September had fallen by 2,199 million euros from the end of 2019, standing at 25,469 million euros.
Newco
Telecom Italia also announced Newco, dedicated to Data Centers, the launch of operations in the first quarter of 2021. Newco will operate as of the first quarter of 2021, once the necessary authorizations have been obtained. 2020 proforma turnover is expected to be in the order of approximately 500 million euros, with an expected growth of over 20% per year. With the partnership with Google Cloud in the first nine months of the year, major clients were won for the provision of joint services to business clients.