France Telecom (FTE +7.7%) surges after reporting 1H revenue fell 3.2% Y/Y to €21.8B ($26.5B), a...


France Telecom (FTE +7.7%) surges after reporting 1H revenue fell 3.2% Y/Y to €21.8B ($26.5B), a little better than a €21.7B consensus, and reaffirming guidance for 2012 operating cash flow of nearly €8B. The numbers are soothing to investors on edge over macro issues, huge debt obligations, and competition from French discount carrier Iliad. FTE is hoping its phone subsidies and retail footprint will allow it to maintain a price premium. TEF +6.2%. TI +4.4%. BT +4.7%.

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