BT Group (LSE: BT.A) shares initially rose Thursday after the telecoms giant reported a slight lift in third-quarter revenue and earnings, but gains were quickly erased as investors reacted to leadership change. BT named Allison Kirkby as its new chief executive officer, taking over from Philip Jansen.
The company posted a 2.5% rise in quarterly revenue to £5.34 billion and a 1.0% gain in adjusted Ebitda to £2.03 billion.
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Performance was boosted by price increases and strong demand for fibre broadband products from its Openreach division. However, business revenue declined 3.6%.
BT said it remains on track to meet full-year guidance. The group reported a 15% jump in nine-month pretax profit to £1.50 billion on revenue of £15.76 billion. Kirkby said BT will maintain its strategic focus as she takes the reins.
Shares were 1.2% higher at 113.75p by late morning, paring initial gains.
