South Africa's MTN Q1 service revenue down 18%

Source: Market Screener

JOHANNESBURG (Reuters) - Africa's biggest telecoms operator MTN Group reported on Tuesday a 18.8% fall in service revenue in the first quarter, and revised down its expected capital expenditure deployment for 2024.

MTN, with 288 million subscribers in 18 markets across Africa, said reported group service revenue fell to 42.9 billion rand ($2.34 billion) from 52.8 billion rand in the same quarter last year.

(Reporting by Nqobile Dludla; Editing by Kim Coghill)