New Street; NTT Corp. (Buy) - Q1 20: Despite Covid-19 ahead of expectations, guidance in line
NTT’s headline Q1 figures are well ahead of consensus expectations, despite a much sharper Covid-19 impact than the mobile operators have seen. Revenue declines deteriorated to -5.1% from -1.6%, but aggressive cost cutting means that EBIT only fell 1.5% and was 7% ahead of consensus.Nippon Telegraph and Telephone and its subsidiaries conduct the following main business activities: regional communications (domestic intra-prefectural communication services and incidental services), principally operated by Nippon Telegraph and Telephone East Corporation and Nippon Telegraph and Telephone West Corporation; long-distance and international communications (domestic inter-prefectural communication services, international communication services and incidental services), principally operated by NTT Communications Corporation; mobile communications, principally operated by NTT DOCOMO, Inc.; and data communications, principally operated by NTT DATA CORPORATION.
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