Cellcom Israel, Ltd. (CEL) - NYSE
  • May 13, 2013, 1:32 PM

    Israeli carrier Cellcom (CEL -5%) dives after missing Q1 estimates, and takes rival Partner (PTNR -4.3%) down with it. An intense price war sparked by the arrival of 6 new carriers led Q1 revenue to fall 20.6% Y/Y, and the company's subscriber base to fall 5.7% Y/Y to 3.17M. The slump has led Cellcom to suspend its dividend. It expects revenue to fall again in Q2, albeit at a "more moderate rate than experienced in previous quarters." Meanwhile, financing costs are expected to rise, thanks to high inflation. SG&A spend fell 18% Y/Y in Q1, as Cellcom continues reaping synergies from its 2011 merger with NetVision. (transcript)

    | May 13, 2013, 1:32 PM
Company Description
Cellcom Israel Ltd. engages in the provision of cellular communications services. It offers cellular and landline telephony; roaming, internet, and fax services; text and multimedia messaging services; cellular content and data services; technical support; account information; and... More
Sector: Technology
Industry: Wireless Communications
Country: United States