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EUROPEAN MIDDAY BRIEFING - Stocks, Oil Rise on Hopes of Milder Covid Variant
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EUROPEAN MIDDAY BRIEFING: Stocks Drift Higher in -2-
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Orange hit by lower returns from co-financing deals
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Provided by Dow Jones By Mauro Orru Orange said Thursday that revenue for the first quarter increased thanks to the recovery of equipment sales as well as strong momentum in Africa and the Middle East. The French telecommunications company said first-quarter revenue rose to 10.32 billion euros ($12.42 billion) from EUR10.27 billion on a comparable basis in the first quarter of 2020. Earnings before interest, taxes, depreciation and amortization after leases, or Ebitdaal, fell 0.3% on a comparable basis to EUR2.57 billion, with Orange citing the negative impact of the coronavirus pandemic which was yet to materialize in the first quarter last year. The company began using Ebitdaal as a financial indicator in 2019 to account for the adoption of the IFRS 16 accounting standard.