VEON Ltd. ( VEON ) shares traded higher on Thursday after the company reported its first-quarter results.

The company reported quarterly earnings per share of $1.36, beating the analyst consensus estimate of $0.83. Quarterly sales of $1.03 billion (up 8.9% year over year) outpaced the Street view of $996 million.

Direct digital revenue surged 50.2% to $147 million, making up 14.3% of total revenue for the quarter. EBITDA rose 13.7% year-over-year to $439 million.

Quarterly revenue growth was 12.9% yearly in local currency terms when adjusted for the cyberattack in Ukraine, which impacted the base, and the deconsolidation of TNS+ in Kazakhstan.

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The company ended the quarter with total cash and equivalents and deposits of $1.775 billion, $662 million at headquarters, and gross debt of $4.377 billion. 

Outlook: VEON ( VEON ) said it is maintaining its FY25 outlook with underlying local currency growth for total revenue of between 12% and 14% year-on-year and underlying local currency EBITDA growth of between 13% and 15%.

VEON’s 2025 outlook for the group’s capex intensity is in the range of 17%-19%.

The company commenced the second phase of its previously announced share buyback program in March 2025.

This second phase of the buyback, which can amount to up to $35 million, follows the completion of the $30 million first phase on January 27.

Price Action: VEON ( VEON ) shares are trading higher by 14.05% to $56.22 at last check Thursday.

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